May 17, 2022
Agencies announce public meeting on proposed acquisition by The Toronto-Dominion Bank of First Horizon Corporation; public comment period extended
Board of Governors of the Federal Reserve System
Office of the Comptroller of the Currency
For release at 4:30 p.m. EDT
The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by The Toronto-Dominion Bank, Toronto, Ontario, Canada, to acquire First Horizon Corporation, Memphis, Tennessee.
The purpose of the public meeting is to collect information from a wide range of stakeholders as the agencies evaluate the proposed applications. By law, the agencies are required to evaluate:
- the convenience and needs of the communities to be served by the combined organization;
- the insured depository institutions’ performance under the Community Reinvestment Act;
- competition in the relevant markets;
- the effects of the proposal on the stability of the U.S. banking or financial system;
- the financial and managerial resources and future prospects of the companies and banks involved in the proposal; and
- the effectiveness of the companies and banks in combatting money laundering activities.
The public meeting will be held virtually on August 18, 2022, at 9:00 a.m. EDT. Members of the public seeking to present oral comments must register by 12:00 p.m. EDT on July 28, 2022 through the online registration web page, which will be updated with registration details by June 8, 2022. Further information and requirements to present, as well as registration information to view the public meeting, are available in the attachment from the agencies.
Also today, to give interested parties additional time to comment, the agencies announced that they are extending the public comment period for the applications to the OCC and Board that are associated with the proposal. Comments on the applications will now be accepted through August 23, 2022.