TD Bank just made its biggest acquisition ever (2024)

FAQs

Why did TD Bank and First Horizon merger fail? ›

The deal also faced public opposition, largely related to TD's overdraft practices. In May, the Fed was likely still not ready to approve the deal and so the banks decided to withdraw the application, Isaac estimated.

TD Bank checking overview

Account holders receive free checks, as well as free access to out-of-network ATMs when a daily balance of at least $2,500 is maintained. The bank also offers TD Simple Checking, which requires no minimum balance but has a $5.99 monthly fee.

TD Bank recently terminated its planned acquisition of First Horizon Corp after it could not secure regulatory approval.

On August 2, 2022, TD announced an agreement to acquire Cowen Inc. Acquisition of Cowen Inc.

With roughly $1.26 trillion in assets, TD Bank would certainly be considered too big to fail, and many believe the large banks are set to benefit from this recent banking crisis because they're likely to be seen as a safe place to transfer funds into.

TD Bank will pay $1.2 billion to settle a lawsuit alleging its involvement in an infamous $7 billion Ponzi scheme orchestrated by disgraced financier Allen Stanford more than a decade ago. Stanford was sentenced to 110 years in prison in 2012 after being found guilty on 13 counts of fraud-related charges in Houston.

FDIC coverage for your TD Bank accounts

All deposits and deposit products are FDIC-insured, up to $250,000 per depositor, per ownership category. That includes checking accounts, savings accounts, money market deposit accounts, certificates of deposit (CDs) and prepaid cards.

Read our TD Bank review, including pros, cons, customer feedback and a breakdown of its deposit accounts, to decide if TD is right for you. Key Takeaways: TD Bank scores 4.1 out of 5.0 stars overall with our review team, thanks in part to its many options for checking and CD accounts.

Toronto Dominion's odds of distress is less than 5% at the present time. It is unlikely to undergo any financial distress in the next 24 months.

TD Bank, N.A. is an American national bank and the United States subsidiary of the multinational TD Bank Group.

Why did TD buy First Horizon? ›

Regulatory hang-ups involving TD reportedly helped kill the Canadian bank's attempted purchase of First Horizon, and any future deal involving First Horizon would be big enough to trigger heightened scrutiny from Biden administration regulators.

The breakup with TD Bank has freed First Horizon Bank and given it a new lease on life. The news: First Horizon Bank is reinventing itself after its merger deal with TD Bank fell apart earlier this year, per The Financial Brand. Shedding dead weight: The deal, worth $13.4 billion, was first announced in March 2022.

Largest shareholders include Royal Bank Of Canada, Bank Of Montreal /can/, Vanguard Group Inc, Td Asset Management Inc, CIBC World Markets Inc., Bank Of Nova Scotia, National Bank Of Canada /fi/, Mackenzie Financial Corp, FIL Ltd, and VGTSX - Vanguard Total International Stock Index Fund Investor Shares .

Since Charles Schwab acquired TD Ameritrade, we've been working to bring together our complementary strengths—including our innovative services, industry-leading platforms, and long-standing commitment to low costs.

TD Bank Acquires Wells Fargo's Canadian Direct Equipment Finance Business. TD Bank and Wells Fargo entered a definitive agreement, subject to certain closing conditions, for TD to acquire Wells Fargo's Canadian direct equipment finance business.

TD said Thursday it reached a mutual agreement with the Tennessee-based bank to terminate the acquisition because of the uncertainty as to when and if it would be able to obtain regulatory approval. TD chief executive Bharat Masrani said this decision provides clarity for colleagues and shareholders.

The breakup with TD Bank has freed First Horizon Bank and given it a new lease on life. The news: First Horizon Bank is reinventing itself after its merger deal with TD Bank fell apart earlier this year, per The Financial Brand. Shedding dead weight: The deal, worth $13.4 billion, was first announced in March 2022.

TD Bank Group is one of the “Big Five” banks of Canada with dominance in the Canadian financial system, while First Horizon is the third-largest warehouse lender in the United States. The deal was a culmination of TD's hunt for U.S.-based companies to acquire after other deals fell through.

TORONTO and MEMPHIS, Tenn., May 4, 2023 /PRNewswire/ -- TD Bank Group (TSX andNYSE: TD) ("TD") and First Horizon Corporation (NYSE: FHN) ("First Horizon" or "the Company") today announced that they have entered into a mutual agreement to terminate their previously announced merger agreement, originally announced on ...