TD Bank and First Horizon end planned merger

They had agreed to the deal in 2022, but failed to win regulatory approval.

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  • | 2:52 p.m. May 4, 2023
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TD Bank Group and First Horizon Corp. terminated their planned merger agreement May 4 after failing to get regulatory approval for the deal announced Feb. 28, 2022.

The merger was announced just days after First Horizon put its name on a Downtown Jacksonville office at 135 W. Bay St., following a merger with IberiaBank Corp.

Memphis-based First Horizon has one other branch in the Jacksonville market, in Ponte Vedra Beach.

New Jersey-based TD Bank has five branches in Jacksonville and one in St. Augustine.

TD Bank had agreed to pay $13.4 billion to buy First Horizon.

The two banks said in a joint news release the merger was called off because of uncertainty over when they could receive regulatory approval for the deal.

“This decision provides our colleagues and shareholders with clarity,” TD Bank CEO Bharat Masrani said in the release.



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