TD Bank Group and Memphis-based First Horizon Corporation have announced that they have signed an agreement for TD to acquire First Horizon in an all-cash transaction valued at $13.4 billion, or $25.00 for each common share of First Horizon.
“First Horizon is a great bank and a terrific strategic fit for TD,” said Bharat Masrani, Group President and Chief Executive Officer, 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. 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.”
Following the closing of the transaction, Bryan Jordan, President and Chief Executive Officer of First Horizon, will join TD as Vice Chair, TD Bank Group, reporting to Bharat Masrani and will join the TD Senior Executive Team. He will also be named to the Boards of Directors of TD’s U.S. banking entities as a director and Jordan will continue to be based in Memphis.
“We have built a very strong business at First Horizon, and by joining forces with TD, we will create extraordinary value for our key stakeholders with a shared customer-centric strategy, enhanced scale and a broader product set for our clients,” said Jordan. “This is a true growth story. We have long respected TD as a leader in U.S. banking and are confident that its continued and growing investments in our local markets will extend our long history of community support.”
Masrani added, “I am very pleased that Bryan and talented leaders from across First Horizon will join TD. Their deep customer and community relationships and proven success driving growth will be of tremendous value as we integrate our teams and deliver for the millions we serve.”
Leo Salom, Group Head, U.S. Retail, TD Bank Group, and President and CEO, TD Bank, will lead the combined businesses.