27 through the day immediately prior to closing. 27, First Horizon shareholders will receive an additional $0.65 per share on an annualized basis from Nov. The transaction is expected to close by the first quarter of TD Bank Group's 2023 fiscal year. MEMPHIS BANKING NEWS: After being acquired, Tri-State Bank becomes part of largest Black-owned bank in US When is the First Horizon and TD Bank Group deal expected to close? TD Bank's President Leo Salom will lead the combined businesses, according to the news release. So far, TD Bank Group has no planned closures of First Horizon banking centers in connection with the transaction. banking entities board of directors. He will remain in Memphis, according to the news release. Jordan will also be named as a director and chair to TD Bank Group's U.S. Jordan will report to Bharat Masrani, TD group president and chief executive officer, and join the company’s senior executive team. On Monday afternoon, the price was $23.50, up about 29% from Friday's close at $18.25.įIRST HORIZON: Memphis-based First Horizon to be acquired by Toronto-Dominion in $13.4 billion dealįirst Horizon's President and Chief Executive Officer Bryan Jordan will join TD Bank Group as vice chair, once the deal closes. TD Bank Group is paying $25 for each share of First Horizon.įirst Horizon stock prices soared after Monday's news. Toronto-based TD Bank Group announced the $13.4 billion all-cash agreement to obtain Memphis-based First Horizon as part of the group's plans to accelerate its growth in the U.S., according to a news release on the deal.
What are the terms of the First Horizon Bank and TD Bank Group deal? Here are five things to know about the deal. Toronto-Dominion Bank Group announced Monday it will acquire Memphis-based First Horizon in a $13.4 billion deal.
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