TD Bank to Acquire First Horizon, Expanding Into Southeastern U.S
Feb 28, 2022 By MarketDepth
TD Bank Group (NYSE: TD) announced expansion into Southeastern U.S. as TD and First Horizon Corporation (NYSE: FHN) announced that they have signed a definitive agreement for TD to acquire First Horizon in an all-cash transaction valued at US$13.4 billion, or US$25.00 for each common share of First Horizon.
Long Term Growth Strategy
According to TD, by utilizing this financially compelling transaction, the Company accelerates its long-term growth strategy in the United States by acquiring a premier regional bank with an aligned culture and risk-management framework.
“First Horizon is a great bank and a terrific strategic fit for TD. It provides TD with immediate presence and scale in highly attractive adjacent markets in the U.S. with significant opportunity for future growth across the Southeast. Working with the First Horizon team, TD will build upon the success of its strong franchise and deliver the legendary customer experiences that differentiate us in every market across our footprint.”Bharat Masrani, Group President and Chief Executive Officer, TD
Following the closing of the transaction, Bryan Jordan, President and Chief Executive Officer of First Horizon, will join TD as Vice Chair, TD Bank Group, reporting to Bharat Masrani and will join the TD Senior Executive Team. He will also be named to the Board of Directors of TD’s U.S. banking entities as a director and Chair. Jordan will continue to be based in Memphis.
“We have built a very strong business at First Horizon, and by joining forces with TD, we will create extraordinary value for our key stakeholders with a shared customer-centric strategy, enhanced scale and a broader product set for our clients. This is a true growth story. We have long respected TD as a leader in U.S. banking and are confident that its continued and growing investments in our local markets will extend our long history of community support. Thank you to our First Horizon associates for their efforts and dedication to our clients and communities as we continue to deliver for them every day. We look forward to successfully completing this transaction and are excited to join TD.”Bryan Jordan, President and CEO of First Horizon