TD Bank Group and First Horizon Corporation announced today that they have signed a formal deal for TD to purchase First Horizon for $13.4 billion in cash, or $25.00 per common share of First Horizon.
TD accelerates its long-term expansion strategy in the United States by acquiring a premier regional bank with a unified culture and risk-management framework through this financially compelling acquisition.
“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,” said Bharat Masrani, Group President and Chief Executive Officer, TD.
Bryan Jordan, President and Chief Executive Officer of First Horizon, will join TD as Vice Chair, TD Bank Group, reporting to Bharat Masrani and joining the TD Senior Executive Team after the transaction closes. He will also be named as a director and Chair of the Boards of Directors of TD’s U.S. banking subsidiaries. Jordan’s base of operations will remain in Memphis.
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