First Horizon acquired by Canadian bank, Toronto-Dominion, in $13.4B all-cash deal

Banking Institution First Horizon is set to be bought by Toronto-Dominion Bank in 13.4 billion dollar all-cash transaction over the next nine months. Read why this major money deal is important for the Birmingham banking community.

First Horizon to join TD

First Horizon bank is based out of Memphis, Tennessee, servicing customers across the Southeast. In 2017, First Horizon merged with IberiaBank. The 130,000-sqaure-foot building was purchased in Hoover with plans of having over 350 employees. Over the past several years, First Horizon has adapted to the merger in seclusion. The facility is nestled in the woods of Hoover with walking trails and a lake, which allows for fishing and smaller boats.

However, First Horizon is facing change once again.

According to the Birmingham Business Journal (BBJ), Canadian bank group Toronto-Dominon (TD) is acquiring First Horizon in an estimated 13.4 billion dollar all-cash purchase.

First Horizon president and CEO speaks out

First Horizon president and CEO Bryan Jordan believes combining the two companies is the best course of action.

“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. 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.”

– Bryan Jordan, First Horizon, President and CEO (BBJ)

The timeline

The sale is to be finalized around November of 2022. The BBJ issued a press release stating, “Jordan will become a vice chair with TD, and join its executive team. He’ll report to its president and CEO, Bharat Masrani. Jordan will also be named chair of the board of directors of its U.S. banking entities, and remain based in Memphis.”

We are excited to see what this deal with our Northern neighbors will bring.

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