Posted on 05/04/2023 9:40:33 AM PDT by EBH
First Horizon and TD Bank have called off a $13 billion deal that would have formed America’s sixth-largest bank, adding to the turmoil sweeping the country’s regional lenders.
Caught up in the worst banking crisis since 2008, First Horizon (FHN)’s share price has plunged about 40% over the past couple months, falling well below the $25 per share that TD offered when the takeover was announced in February 2022.
The stock closed at $15.05 a share Wednesday and plunged another 36% Thursday after the deal was mutually abandoned by the banks.
First Horizon is a regional lender in the southeast United States and would have helped Canada’s TD expand south of the border. But regional banks have been losing the confidence of investors and customers since the March collapse of Silicon Valley Bank and Signature Bank.
On Monday, a third regional bank, First Republic, failed and JPMorgan purchased most of its assets. A fourth, PacWest Bank confirmed earlier Thursday that it’s looking for a financial lifeline.
(Excerpt) Read more at cnn.com ...
they can print (mouse-click) any amount they want....
Why finish a merger privately when the FDIC will take all the bad assets before you purchase like they did for JP Morgan.
We’ll see what Yellen is going to do. As much as we ‘think that’ the treasury has to lift the debt ceiling to do it. If I understand things correctly.
TD ain’t stupid. They smelled “poop.”
The Fed’s computers can generate “new money” even faster than banks can fail.
TD - Toronto Dominion - locked up the truckers’ money?
I am glad my bank, though a “regional” bank is still 6th largest U.S. bank, and they are so stingy on credit that I expect they have leveraged against lowered valuations of long term treasuries held as assets on their books.
TD was one of the banks that froze the truckers moeny in canada, Like to see them go under.
I know, interesting they were in negotiations. Wonder if they got concerned about people in that region not wanting to do business with them in the long run?
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