First Horizon Bank, which acquired IberiaBank in 2020 and recently finished rebranding its local branches, is set to be acquired by Toronto-Dominion Bank. Toronto-based TD Bank said Monday it will acquire First Horizon in a $13.4 billion all-cash deal, its biggest transaction ever, hoping to broaden its footprint in the southeastern U.S. The deal would create one of the top six banks in the U.S., the companies said Monday, with approximately $614 billion in assets and a network of 1,560 locations serving over 10.7 million U.S. customers across 22 states. TD Bank Group will pay $25 for each share of First Horizon Corp. Memphis-based First Horizon has more than 400 branches across 12 states and assets of $89 billion. “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," said TD CEO Leo Salom. In addition to its home state of Tennessee, First Horizon operates in Louisiana, Florida, North Carolina, South Carolina and Virginia. It also has important footholds in major southern urban centers like Atlanta, Dallas and Houston. When First Horizon completed its takeover of IberiaBank in July 2020, the Lafayette-headquartered lender was the largest bank based in the state and the fourth-largest by number of Louisiana branches, with 64 locations. TD, based in Toronto, said it is committed to maintaining First Horizon’s banking locations with no planned branch closures. TD anticipates $1.3 billion in merger and integration costs, mostly in the first two years after the transaction closes. It expects about $610 million in cost savings. TD Bank plans to contribute $40 million to a First Horizon foundation after the deal closes. The deal is targeted to close in the first quarter of TD’s 2023 fiscal year. It still needs approvals from First Horizon’s shareholders and U.S. and Canadian regulatory authorities. The transaction will end, unless otherwise extended, if it does not close by Feb. 27, 2023.  John Slota explains the concept of The Holistic Connection CBD and dab bar John Slota, one of the owners of the upcoming The Holistic Connection on downtown Knoxville's Gay Street, explains the concept of the CBD and dab bar Toronto-Dominion has achieved a critical step toward finalizing its proposed $13.4 billion acquisition of Tennessee-based First Horizon. If it meets all remaining closing conditions and U.S. and Canadian regulatory hurdles, the acquisition is expected to be finalized around November and would make TD Bank one of the six largest in the U.S. As TD’s U.S. franchise expands its Southeastern footprint with this acquisition, Tennessee will play a critical role. First Horizon is headquartered in Memphis, and Knoxville is a significant regional hub. First Horizon Deal: First Horizon-TD Bank Group merger: 4 things to know before key vote on potential deal More on First Horizon: What could First Horizon executives get in 'golden parachute' payments in TD Bank merger? In the Knoxville area, First Horizon has 25 branches and almost 600 employees. It holds $4.114 billion in local deposits in the Knoxville metropolitan area and has a 17.29% market share, according to a June 2021 FDIC report. First Horizon shareholders voted in favor of acquisition at a special meeting Tuesday in Memphis. “TD is committed to growing its presence and investments across the states in which First Horizon operates,” the proxy statement reads. “Once the transaction is completed, Memphis will be an important regional hub for TD in the U.S. southeast, supporting clients and operations and contributing directly to the local economy.” TD Bank Group has committed to retaining First Horizon's customer-facing employees and has no planned closures for its 412 branches, according to past press releases. Post-acquisition, TD would have U.S. assets of about $614 billion and 1,560 branches in 22 states. "Approval of the transaction demonstrates the confidence our shareholders have in the financial and strategic benefits of the transaction and the value it provides our associates, clients and communities," First Horizon President and CEO Bryan Jordan said in a statement. "Following the completion of the transaction, the combined organization will have immediate scale benefits and be well positioned to create extraordinary value with a shared customer-centric strategy and broader client capabilities." TD Bank Group will pay $25 for each First Horizon share and expects to incur $1.3 billion in total merger, acquisition and integration costs in the first two years after the deal closes. TD Bank Group announced the all-cash transaction in February. First Horizon has about 7,500 employees. Omer Yusuf covers the Ford project in Haywood County, residential real estate, tourism and banking for The Commercial Appeal. He can be reached via email or followed on Twitter @OmerAYusuf.
MEMPHIS, Tenn. — First Horizon Bank and TD Bank Group announced that both companies have signed an all cash $13.4 billion purchase agreement, giving TD Bank Group ownership of 412 First Horizon branches across 12 states in the U.S.
First Horizon, originally known as First Tennessee Bank, rebranded in October 2019 with hopes to expand beyond Memphis and the Tennessee region. The bank later merged with IBERIABANK in November 2019.
The banking corporation is headquartered in Memphis, TN, and it has maintained its strong regional presence, making it marketable to TD Bank Group.
According to TD Bank Group, First Horizon reported having $89 billion in assets on December 31, 2021.
TD Bank Group’s purchase of the regional bank allows it to take over 1.1 million of First horizon’s consumer, business, and commercial customer accounts, giving the bank group a top six U.S. bank rating.
Before the purchase, TD Bank Group said that it had a network of 1,560 stores, serving 10.7 million U.S. customers across 22 states. Now with ownership of over 2,600 branches, the corporation increased its regional presence, servicing over 27.5 million customers.
"First Horizon is a great bank and a terrific strategic fit for TD,” Bharat Masrani, Group President and Chief Executive Officer of TD Bank Group said. “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."
According to TD Bank Group, Bryan Jordan, President and Chief Executive Officer of First Horizon, will move into a Vice Chair role, while also serving as a director and chair on TD Bank group’s Board of Directors. He will also join the TD senior executive team.
Although First Horizon is under new ownership, TD Bank Group said Jordan will continue to be based in Memphis.
The large purchase is expected to allow the corporation to grow 50% faster than the U.S. national average. The purchase will officially close in the first quarter of TD Bank Group's 2023 fiscal year. This article includes a list of general references, but it lacks sufficient corresponding inline citations. (October 2019) First Horizon Bank, formerly First Tennessee Bank, is a financial services company based in Memphis, Tennessee. As the leading subsidiary of First Horizon Corporation, it provides financial services through locations in 12 states across the Southeast. Founded in 1864, it is dedicated to helping their clients, communities and associates unlock their full potential with capital and counsel.
Key people Number of employees In November 2019, First Horizon Corporation and Lafayette, Louisiana-based IberiaBank Corporation agreed to merge. The merger closed July 2, 2020. The combined bank is based in Memphis, Tennessee, and uses the First Horizon name.
Frank S. Davis founded First National Bank, the first nationally chartered bank in Memphis after passage of the National Banking Act of 1863. Though the city was under martial law after being captured by Union forces in the Civil War, First National Bank of Memphis was officially chartered for business on March 25, 1864.[1], during the American Civil War.
The yellow fever epidemics in Memphis from 1867 through 1878 halted growth, killing thousands and forcing most of the remaining citizens to flee. First National Bank's doors remained open to help distribute relief funds.[citation needed] The bank acquired German Bank in 1895. First National was one of five banks in the twelve districts to help implement the Federal Reserve Act of 1913.[1] and in 1914, the bank participated in the organization of the Federal Reserve Bank of St. Louis. The bank merged with Central-State National Bank in 1926. The merged bank retained First National's name and charter, but was led by Central-State's management team.[1] In 1942, the bank opened its first suburban branch and by 1952 First National had seven offices. In 1961, a 25-story tower was announced. The 23-story headquarters was completed three years later,[1] at which time First National also opened six branches.[citation needed] As of 1967, First National was the largest bank in the Mid-South. A holding company, First National Holding Corporation, was created in 1969. Two years later, this became First Tennessee National Corporation, with the intention of acquiring other banks. The company acquired five banks in 1972, and as more banks became part of the company, their names changed to First Tennessee Bank. In 1977, First National also became First Tennessee Bank.[1] In 1981 First Express became the first national check-clearing service, and First Tennessee offered brokerage services starting the next year.[1] In 1995, with the purchases of Maryland National Mortgage Corporation and SNMC Management Corporation, First Tennessee had $6 billion in mortgage origination and was one of the country's top 10 mortgage originators.[1] Allen B. Morgan was named president in 1960, chief executive in 1967, and chairman in 1969.[1] During the 1980s, the company also expanded into mortgage brokerage, mortgage loan origination, and insurance.[1] In 1993, the bank acquired MNC Mortgage.[1] In 1994, the bank acquired Peoples Commercial Services Corporation.[1] In 1995, with the purchases of Maryland National Mortgage Corporation and SNMC Management Corporation, First Tennessee had $6 billion in mortgage origination and was one of the country's top 10 mortgage originators.[1] In 1999, to reflect its diversification, the bank adopted the slogan, All Things Financial.[2] In 2004, the company changed its name to First Horizon National Corporation to reflect its interstate growth.[3] In May 2007, the company acquired Republic Mortgage, based in Las Vegas. [4] In September 2007, the company sold 34 branches outside of Tennessee, including 13 branches to M&T Bank, 10 branches to Sterling Bank, 9 branches to Fifth Third, and 2 branches to FMCB Holdings. In June 2008, the company sold its residential-mortgage origination and servicing business to Metlife.[5] In November 2008, the United States Department of the Treasury invested $866 million in the company as part of the Troubled Asset Relief Program and in December 2010, the company repurchased the investment from the Treasury.[6] On June 7, 2013, the bank acquired Mountain National Bank, which suffered from bank failure.[7] In October 2015, the company acquired TrustAtlantic Bank.[7] In December 2017, the company acquired Capital Bank Financial for $2.2 billion. Capital Bank later announced it would lease two floors of the 10-story One Glenwood in Raleigh. The lease included a sign on the building.[7] First Horizon announced on June 11, 2019, that in fall of 2019 it would have the same name in all of its markets. The change encompassing First Tennessee Bank, Capital Bank, FTB Advisors and FTN Financial became effective at the close of business on October 25, 2019, with signage changes expected to be complete throughout those holdings by early 2020.[8] In November 2019, First Horizon Corporation and Lafayette, Louisiana-based IberiaBank Corporation agreed to merge. The combined bank is based in Memphis, Tennessee, and uses the First Horizon name. The merger closed July 2, 2020, with $79 billion in assets and $58 billion in loans.[9] On February 28, 2022, Toronto-based TD Bank Group announced that it would acquire First Horizon Corporation in an all-cash deal of $13.4 billion. TD will pay $25 per First Horizon share. The transaction is expected to be completed in February 2023 and would be the second-largest bank deal in recent U.S history.[10][11] First Horizon banking services are available to individual consumers as well as businesses of all sizes. On October 11, 2016, First Tennessee announced the opening of its first Piedmont Triad retail branch in Winston-Salem. The bank had offered commercial banking and real estate and wealth-management services in the city since 2004. From 2003 to 2016, Winston-Salem was also the headquarters of the Mid-Atlantic Region, including the Triangle, Charlotte and Greenville in North Carolina; Richmond in Virginia; Charleston in South Carolina; and Jacksonville in Florida. The new regional headquarters was in Raleigh, where First Tennessee had four branches after buying TrustAtlantic Bank in 2015.[12] First Horizon offers wealth management services through its affiliate, First Horizon Advisors, Inc. The company’s services include guidance focused on investments, retirement, insurance, trusts, financial planning, and estate planning.[13]
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