The Toronto Dominion Bank has agreed to acquire First Horizon for $13.4 billion, increasing TD's presence across the southeastern United States. Following the transaction, TD's U.S. franchise is expected to be among the six largest banks in the U.S., with approximately $614 billion in assets and customers across 22 states. TD has agreed to expand upon First Horizon's investments in local communities.
 
First Horizon, headquartered in Memphis, Tennessee, has total assets of approximately $89.1 billion and a footprint across the southern United States. TD, headquartered in Toronto, is the fifth largest bank in North America by assets and serves more than 26 million customers around the globe.
 
The S&C team advising First Horizon includes Rodge Cohen, Mitch Eitel, Stephen Salley and Patrick Lynch. Marc Trevino and Regina Readling are advising on executive compensation and benefits matters. Davis Wang and Ellen Hunt are advising on tax matters. Bob Reeder is advising on securities law matters.