Crypto-Friendly TD Bank Terminates Merger Deal With First Horizon Bank

Canada-based crypto-friendly TD Bank and First Horizon Bank on Thursday agreed to terminate their $13 billion merger agreement announced earlier in February 2022. First Horizon Bank (FHN) shares fell over 50% in pre-market hours after the merger with TD Bank was canceled. The regulatory uncertainty in the U.S. regarding crypto and the ongoing banking crisis have resulted in TD Bank getting no time for approval about the merger. TD Bank will make a $200 million cash payment to First Horizon as per the terms in the termination agreement, with an additional $25 million fee reimbursement.

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