First Horizon

First Horizon is a United States-based bank holding company founded in 1864.

History

2023: TD Bank and First Horizon agree to end merger

Canada's TD Bank said regulatory approval was in doubt. The deal disruption comes amid pressure on regional US lenders.

The deal would be the largest in the company's history and allow it to expand its presence in the southeastern United States. The combination would have given the company more than 400 new branches in the country and added more than 1.1 million individual and business customers in 12 states.

2022: Toronto-Dominion begins $13.4 billion purchase of First Horizon

At the end of February 2022, the bank Toronto-Dominion bought First Horizon for $13.4 billion. The deal is supposed to allow Toronto-Dominion to expand its presence in the Southeast. USA

The deal, which continues Toronto-Dominion bank's US growth model through acquisitions, will be the company's biggest takeover ever and the boldest move by Chief Executive Officer Bharat Masrani since his leadership began in 2014.

Toronto-Dominion buys First Horizon for $13.4 billion

First Horizon has 412 branches and more than $1.1 million in private and corporate clients in 12 states. The company holds leading positions in Tennessee and Louisiana, as well as presence in Florida, Carolina and Virginia, Atlanta, Dallas and Houston. As part of the deal, the Toronto-Dominion franchise will become one of the six largest franchises of the country's banks with assets of about $614 billion.

The First Horizon deal would take Toronto-Dominion beyond its existing presence on the U.S. East Coast and give it additional scale in key existing markets like Florida. The deal also gives Toronto-Dominion additional commercial banking opportunities and increases the scale of its fixed-income tool sales and trading business, the company said.

Toronto-Dominion executives said the bank has no plans to close any of First Horizon's branches and that it will retain front-line bankers and even strengthen some teams. Brian Jordan, CEO of First Horizon, will join Toronto-Dominion as vice chairman and report to Masrani.

The First Horizon deal is expected to close in the first quarter of Toronto-Dominion's fiscal year 2023, which begins Nov.^[1]

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