TD Bank Group and First Horizon Corporation, which recently merged with IBERIABANK, announced that they have signed a definitive agreement for TD to acquire First Horizon.
The acquisition will be in an all-cash transaction valued at US$13.4 billion, or US$25.00 for each common share of First Horizon.
According to a release, through this transaction, TD will accelerate 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," 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."
In 2020, the merger between IBERIABANK and First Horizon National Corp was finalized. The combined company is headquartered in Memphis, Tennessee, and operated under the First Horizon name.
Online banking systems from IBERIABANK were integrated into the First Horizon system, last week.
TD says that once the transaction is completed First Horizon's current headquarters in Memphis will be a regional hub for TD in the U.S. Southeast, supporting customers and operations and contributing to local communities and economies.
TD says it is also committed to retaining First Horizon's client-facing bankers, with no planned branch closures as a result of the transaction. In addition, upon closing, $40 million will be contributed to a First Horizon foundation.
TD's U.S. franchise will be a top 6 U.S. bank, with approximately US$614 billion in assets and a network of 1,560 stores, serving over 10.7 million U.S. customers across 22 states; globally, TD Bank Group will have approximately C$1,841 billion in assets, with over 2,600 branches serving the needs of more than 27.5 million customers2.
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