A large number of Memphians could to see a dramatic reduction in their debt load, under a new student loan forgiveness program from President Joe Biden. But is that a good thing?
While more than 300 community organizations support the merger, some are pushing for a community agreement between the banks and groups where the institutions have sizable footprints.
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.
“We want to be a real partner in the community,” said Steve Swain, senior vice president and community lending manager for Pinnacle. “That includes creating a safe space, another resource where people can meet and bring in members of the underserved community.”
Riverview Acquisition Corp. — a special-purpose acquisition company formed by longtime Memphian Brad Martin as a vehicle for merging with a business that then would become public — aims to help small farmers while quenching the thirst for coffees, teas and extracts.
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.
In a proxy statement filed with the U.S. Securities and Exchange Commission, FHN has disclosed detailed information on its merger with Toronto-Dominion Bank.
Interest rates on things like consumer debt are likely to rise following the Fed’s decision, which could put a strain on an economy already fighting decades-high inflation.
Like Union Planters, which was acquired by Regions in 2004, and National Bank of Commerce, also acquired in 2004 by SunTrust, First Horizon could not avoid industry consolidation forever.
On a conference call Monday, Feb. 28, Toronto-Dominion group president and CEO Bharat Masrani announced plans to invest $150 million to keep First Horizon employees.Related story:
A Canadian banking and financial firm will pay $25 a share, a 37% premium on FHN’s last close. Shares of the Memphis-based financial institution were up nearly 32% in early trading.
Shelby County Mayor Lee Harris said the raises approved this month for 200 corrections center guards are being funded in part by fees the Justice Department is paying the county as it closes down a privately run federal prison. And he said more raises and bonuses are coming for others.
Wright Cox has taken over as the new president of BankTennessee, replacing Jim Rout who retired from the position on Friday.
By late February, First Horizon will have closed six Memphis-area IberiaBank branches and rebranded another. One of the closed properties, near Saddle Creek in Germantown, just sold for $3.75 million.
Opinion: Even Tom Selleck would agree it’s important to carefully consider all the pros and cons of a reverse mortgage.
The subsidiary of Louisiana-based wealth management company Argent Financial Group is moving its Memphis office to Ridgeway Center.
The financial services company will renew its lease on Poplar Avenue and move its headquarters to a 42,000-square-foot space nearby.
First Horizon reported $275 million earnings, 0.50 cents per share, adjusted for merger-related costs, in the third quarter of 2021.
Liberty Bank and Trust Company’s acquisition of Tri-State Bank of Memphis will bring a loan limits increase, more jobs and online banking technology to the bank.
“What a great time it is to be doing business in West Tennessee,” said Phillip Rogers with Stifel.
Total deposits in Memphis grew from $39.23 billion to $40.83 billion, according to the FDIC.
The Mid-South Minority Business Council Continuum also received a one-year Coronavirus Response and Relief Program grant to provide information and best practices to support minority firms affected by the COVID-19 pandemic.