TD Bank Group and First Horizon Corporation signed a definitive agreement for TD to acquire First Horizon in an all-cash transaction valued at $13.4 billion.
Canada-based TD wants to move into the ranks of the largest U.S. banks. Its U.S. headquarters is in Cherry Hill, NJ. First Horizon is based in Memphis.
TD has a dozen offices in Delaware as well as a credit card operation. TD’s U.S. bank is the largest in the Delaware Valley in total deposits, according to the Philadelphia Business Journal.
“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,” said Bharat Masrani, group president and Chief Executive Officer, TD. “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.”
“I am excited to welcome First Horizon’s associates, leaders, and valued customers to TD once the transaction closes. As one team, with complementary businesses, distribution channels, and a shared culture of best-in-class customer service, we will chart the next phase of growth together,” said Salom. “The Southeastern U.S. represents a tremendous opportunity for TD and the addition of First Horizon’s commercial and specialty banking capabilities will position us as a leading national player in commercial banking. We will combine our resources and capabilities and continue to invest in the region as we focus on delivering the most differentiated banking experience in our markets.”
TD says the acquisition will make it the sixth-largest U.S. bank, with 1,560 stores in 22 states. TD’s global operations have more than 2,600 branches.
First Horizon operates 412 branches across 12 states in the Southern states. It will also add the TD’s presence in Florida, the Carolinas and Virginia.
The acquisition is slated to be completed in the first quarter of 2023 and is subject to approvals by U.S. and Canadian regulators as well as shareholders of First Horizon.
