The deal comes as analysts have become modestly more bullish on First Horizon’s earnings outlook. Populations in First Horizon’s markets are seen growing about 50% faster than the U.S. 31, First Horizon operates 412 branches, with more than 1.1 million consumer, business and commercial customers in 12 states. franchise will have about $614 billion in assets and a network of 1,560 stores, with nearly 11 million U.S. Including the First Horizon business, TD’s U.S. represents a tremendous opportunity for TD and the addition of First Horizon’s commercial and specialty banking capabilities will position us as a leading national player in commercial banking,” Salom said. Retail, TD Bank Group, and president and CEO, TD Bank. TD executive Leo Salom will lead the combined company. and “significant opportunity” for growth. TD Chief Executive Bharat Masrani said First Horizon will provide TD with immediate presence and scale in “highly attractive” adjacent markets in the U.S. The bank is targeting about $610 million in cost synergies. based bank to immediately add to adjusted earnings per share after it closes as expected in its first quarter of fiscal 2023. TD said it expected the acquisition of the Memphis, Tenn. “The $13 billion deal is surprising given the slow pace of large-scale deal approval in the new regulatory regime and that FHN was not seen as a near-term seller,” Usdin said.Īnalysts said the transaction puts the spotlight on other Southeast banks as potential acquisition targets. Jefferies bank analyst Ken Usdin said the merger was unexpected. First Horizon stock rallied 45.8% in morning trades.
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