There are 19 article(s) tagged First Horizon Corp.:
Bryan Jordan, who has led the Memphis-based bank since 2007, said the company continues to make “significant progress” on its strategic investments while identifying operational efficiencies.
Despite potential uncertainty following the dissolution of a $13.4 billion merger with TD, First Horizon says it pulled in 32,000 new-to-bank clients during the quarter, bringing $3.5 billion in deposit balances.
Following the announcement Thursday, which saw First Horizon’s stock down nearly 40%, First Horizon chairman and CEO Bryan Jordan spoke with The Daily Memphian to answer questions related to the terminated merger.
Under the terms of the termination agreement, TD Bank Group will make a $200 million cash payment to First Horizon on top of the $25 million fee due to First Horizon pursuant to the merger agreement. Q&A: What the First Horizon CEO has to say after the termination of TD dealRelated stories:
Because there is uncertainty as to if and when regulatory approvals can be obtained, both banks agreed to terminate the merger agreement.
TD CEO affirms that the deal is unlikely to close by the May 27 deadline but talks with First Horizon remain open.
Both banks have to receive regulatory approval from U.S. oversight authorities, and according to First Horizon, the process is taking longer than anticipated, even as they remain committed to the deal.
TD has initiated discussions with FHN regarding a potential further extension of the outside date.
The transaction date has been moved from Feb. 27 to May 27, in accordance with the terms of the merger agreement.
During Monday’s luncheon, both FHN and TD Bank N.A. CEOs stressed Memphis’ ongoing role in new institution’s operations.
The luncheon, which will be held at 11:30 a.m. at the Holiday Inn at the University of Memphis, will feature a conversation on TD’s acquisition of FHN.
Federal lawmakers sent a letter to the Office of the Comptroller of the Currency citing a report from investigative news outlet Capitol Forum that TD Bank wrongly pressured customers into opening accounts and using banking services they didn’t want.
The transaction is expected to close early next year.
After multiple mergers and acquisitions, TD Bank became the seventh-largest U.S. bank by deposits and the 11th largest bank in the U.S. by total assets.
In an updated proxy statement, FHN directs employees on answering client questions about the merger, including questions about its continued involvement in the region.
FHN president and CEO Bryan Jordan said in a statement released Tuesday that higher long-term rates and global uncertainty impacted operations. Jordan also said FHN is “well positioned” to benefit from rising short-term rates.
Total deposits in Memphis grew from $39.23 billion to $40.83 billion, according to the FDIC.
Losch has been with Memphis-based First Horizon for 12 years.
First Horizon’s stock will continue to trade under the same symbols.
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