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.
