The conversion, which followed the Feb. 1 merger of Fifth Third and Comerica, brought Comerica consumer and commercial customers onto Fifth Third’s platforms and brought the two companies under the Fifth Third brand, according to the release.
About 600,000 customer accounts and 293 banking centers in Arizona, California, Florida, Michigan and Texas were involved in the conversion, the release said.
Now, with the conversion complete, Fifth Third is the ninth-largest bank in the United States with more than $300 billion in assets. The bank has 1,500 branches and 21,300 ATMs, and it has a retail footprint that reaches more than half of the U.S. population, per the release.
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“Now that we’re on one platform, we can bring the full strength of the combined company to every client, in every market we serve,” Fifth Third Chairman, CEO and President Tim Spence said in the release. “Our teams planned, trained and tested for this moment, and they delivered a disciplined conversion this weekend. We’re continuing to monitor the customer experience closely and are ready to help wherever needed.”
Fifth Third announced the $10.9 billion merger with Comerica in October, with Spence saying that Comerica’s middle-market franchise and complementary footprint made the merger with Fifth Third a natural fit.
The merger closed in February and signaled a reshaping in how regional banks compete across mobile banking, commercial payments and middle-market services.
In July, Fifth Third sent personalized welcome packages to Comerica customers and said it planned to complete the transition of Comerica accounts to comparable Fifth Third products on Sept. 8.
In the Tuesday press release announcing the completion of the transition, Fifth Third Bancorp said the company expects to operate about 1,750 branches by 2030.
“With the conversion complete, Fifth Third is positioned to build on its market leadership in the Midwest while continuing to invest in high-growth markets across Texas, the Southeast, Arizona and California,” the release said.
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