The $10.9 billion merger between Comerica and Ohio’s Fifth Third banks has officially closed following regulatory approval ― as questions swirl around the future of the company’s downtown Dallas skyscraper.
With assets of $294 billion, the combined entity ― technically under the name “Fifth Third” ― is now the country’s ninth-largest bank.
However, the bank will still do business as both Fifth Third and Comerica until the technology is unified, said CEO Tim Spence in an exclusive interview with The Dallas Morning News.
“Our intent today is to do the systems conversions over Labor Day weekend,” he said.
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“The byproduct of that is, even though the company is now one company, we’re going to continue doing business as Comerica in Comerica branches and in Comerica markets until we’re at a point where we have everybody on common systems just to manage customer confusion.”
That means that downtown’s Comerica Bank Tower, and the Comerica logo towering above the Dallas skyline, will stay unchanged for the time being. That also applies to Comerica’s other branding and sponsorships throughout D-FW, such as the signage at the Texas Rangers’ Globe Life Field.
The tower’s fate has been linked to broader questions about Dallas’ urban core, which has been undermined by the impending departure of AT&T, and persistent questions about quality of life in the area.
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“I kind of like how the Comerica sign looks at the Rangers’ park,” Spence told The News.
“I come to Dallas on a pretty regular basis because I have a brother that lives east of there, and we’re hopeful that the team plays through September and into October this year, and we wouldn’t be doing anything with the signage there until we at least get through the offseason.”
Caitlin Howard, 16, of Dallas tosses foam-filled horseshoe toward a mounted baseball bat in the outfield during Texas Rangers Fan Fest at Globe Life Field in Arlington, January 18, 2025.
Tom Fox / Staff Photographer
The name of the 60-story Comerica Bank Tower is tied to Comerica’s lease, which ends in 2028 and includes 200,000 square feet of office space out of the building’s 1,500,000 total square footage.
Spence said there are about 350 employees working out of the downtown office building. Downtown Dallas, Inc., which keeps data on the area’s employment, estimates more than 1,000.
Comerica Bank Tower was sold to Slate Asset Management, a Toronto company, in 2024, and is managed by Dallas commercial real estate firm Stream Realty. The pair has put together an ambitious redevelopment plan for the building that is planned to add a hotel and residential space.
“The landlord may have a lot of different plans,” Spence said. “We have to have a dialogue with them about what their vision is and then confirm what’s right for our people, our colleagues and our customers, which really is the focus.”
When asked if Fifth Third has any plans to break the lease or vacate the space early, he said, “No firm plans on that front.”
Comerica also has a Business and Innovation Hub at Frisco Star Tower, which was announced in 2022. It employs about 350 people, according to Fifth Third, but it’s unclear if that includes the layoff of 184 employees confirmed in January that will go into effect in March.
Spence said Dallas-Fort Worth will be one of five major employment hubs for the newly joined company where “we have concentrations of folks who are engaged in corporate functions.”
“While in all of our corporate hubs, there will be some impact associated with us getting the cost structure of the combined company in order and delivering the synergies, I actually think once we’re through that, we’re going to see employment levels in the Dallas metro area grow over time,” he said.
“We like having a city center presence and having a presence that’s convenient for commuting purposes. So we do expect to have multiple office locations,” he continued.
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