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.
Terry’s secret for leading, he once said, was listening. “And remembering that God didn’t give us two ears and one mouth by mistake.”
The First Horizon buyer is one of five banks that provided services to Stanford Financial Group over 20 years that have paid $1.6 billion to the victims of the Ponzi scheme.
TD has initiated discussions with FHN regarding a potential further extension of the outside date.
The inaugural cohort is composed of junior business students at the U of M.
TD Bank’s agreement includes a commitment to open 25 new physical bank branches in marginalized communities and a pathway to enable affordable home ownership by increasing residential mortgage loans.
The transaction date has been moved from Feb. 27 to May 27, in accordance with the terms of the merger agreement.
Following two back-to-back quarters that saw FedEx report earnings well below company expectations, the shipping giant has been enacting sweeping cost-cutting initiatives.
According to the CEO of Toronto-Dominion Bank, the deal has been delayed due to U.S. regulatory oversight as well as the drafting of a community benefits agreement.
Winners get free studio and production time; applications open Jan. 18.
Chase, which reported assets of $3.31 trillion in 2022, plans to open at least six branches in the Memphis area and employ eight to 10 people at each location.
Memphis-based public companies FedEx, International Paper, Sylvamo and AutoZone have cautious outlooks for 2023.
Mergers and acquisitions, leadership transitions, uncertain economic conditions, global tensions — local publicly traded companies faced numerous challenges in 2022.
The Identity Theft Resource Center recommends that data breach notices explicitly recommend that victims freeze their credit and that credit reporting agencies create a common system for people to do so.
Bank of Bartlett has started a $2 million renovation at its main offices on Stage Road, an example of the bank’s commitment to the area.
FedEx is stepping back from the research and development program for a same-day bot to prioritize several nearer-term opportunities.
RBG Wealth Advisors is a fee-only, independent wealth advisory firm operating as a division of Reynolds, Bone & Griesbeck.
According to the Fed, overall labor market conditions remain tight, with contacts across the Eighth District reporting that workers remain scarce.
“The Southeast and the south of the U.S. was particularly important to us strategically,” Toronto-Dominion Bank CEO Bharat Masrani said. He noted that the region’s population growth is expected to be 50% higher than the national average.
The president and CEO will oversee management and operations with Boyle, Boyle Insurance Agency and Nashville-based Boyle Nashville LLC.