TD and First Horizon call off merger

Toronto-Dominion Bank, better known as TD Bank, and First Horizon Corporation jointly announced on May 4 that they have mutually agreed to call off their merger that originally was announced on Feb. 28, 2022. Under the terms of the termination agreement, TD will pay $200 million in cash to First Horizon plus a $25 million fee reimbursement.

TD Bank has its world headquarters in Toronto. Its U.S. base is in Cherry Hill, New Jersey. TD has more than 1,100 banking locations in the U.S., including in 45 Connecticut cities and towns and 145 New York cities and towns.

“Though disappointed with the outcome, we move forward with a strong, growing franchise in the United States,” said Bharat Masrani, group president and CEO of TD Bank Group. “I want to thank First Horizon for their partnership over the last several months and wish them enormous success for the future.”

Bryan Jordan, First Horizon’s chairman, president and CEO, said, “Our strong capital position, disciplined credit quality, expense control measures, and well-diversified and stable funding mix have enabled our business to navigate challenging banking industry dynamics and remain focused on executing our client-centric growth plan.”

First Horizon Corp. had $80.7 billion in assets as of March 31 of this year. It is headquartered in Memphis and its banking subsidiary First Horizon Bank operates in 12 states across the southern U.S..

TD is the fifth largest bank in North America by assets and has four major businesses with more than 27 million customers. As of Jan. 31 of this year it had $1.9 trillion in assets.