First Horizon, TD Bank call off merger

JONESBORO, Ark. (KAIT) - Toronto-Dominion Bank and First Horizon Corporation announced Thursday their decision to terminate their $13.4 billion merger.

According to the Wall Street Journal, TD “ran into hurdles getting regulators to sign off on the deal, announced in February 2022.”

The Canadian-based lender did not know when or if they would get the necessary approvals, the article added.

Under the terms of the termination agreement, TD will make a $200 million cash payment to First Horizon, which is headquartered in Memphis, Tennessee. That is in addition to a $25 million feel reimbursement.

First Horizon Bank operates in 12 states across the south, including Arkansas. TD Bank Group is the fifth largest bank in North America.