BANKING
TD Bank to Acquire First Horizon as Part of 2022 Growth Strategy
Compiled by John Joseph Parker Contributing Editor
TD Bank Group ( TD ) and First Horizon Corporation ( First Horizon ) have signed a definitive agreement for TD to acquire First Horizon in an all-cash transaction valued at $ 13.4 billion , or $ 25.00 for each common share of First Horizon . Through this financially compelling transaction , TD accelerates its longterm growth strategy in the United States by acquiring a premier regional bank with an aligned culture and risk-management framework .
“ First Horizon is a great bank and a terrific strategic fit for TD . It provides TD with immediate presence and scale in highly attractive adjacent markets in the U . S . with significant opportunity for future growth across the Southeast ,” said TD Group President and CEO Bharat Masrani . “ Working with the First Horizon team , TD will build upon the success of its strong franchise and deliver the legendary customer experiences that differentiate us in every market across our footprint .”
Following the closing of the transaction , Bryan Jordan , president and CEO of First Horizon , will join TD as vice chair , TD Bank Group , reporting to Bharat Masrani and will join the TD Senior Executive Team . He will also be named to the Boards of Directors of TD ’ s U . S . banking entities as a director and chair . Jordan will continue to be based in Memphis .
Leo Salom , Group Head , U . S . Retail , TD Bank Group , and president and CEO , TD Bank , America ’ s Most Convenient Bank ® , will lead the combined businesses .
Spencer Savings Bank Closes on Mariner ’ s Bank Merger
Spencer Savings Bank , SLA announced the closing of its merger with Edgewater-based Mariner ’ s Bank in an all-cash transaction . With this merger , Spencer added six full-service branch offices to its existing 20 financial centers located throughout New Jersey . The Mariner ’ s Bank locations are concentrated in Bergen County where Spencer was originally founded and has a significant presence over its 100-year history .
“ We are pleased to be joining two community-focused banks that share a deep commitment to its customers and local communities ,” stated Spencer Savings Bank Chairman and CEO Jose B . Guerrero . “ After months of planning and hard work , we are excited to officially welcome both the Mariner ’ s Bank team and customers to Spencer . The merger provides growth
Spencer Savings Bank Chairman and CEO Jose B . Guerrero
opportunities for both , and positions Spencer well for continued success .”
As of Sept . 30 , 2021 , Mariner ’ s Bank reported $ 435.3 million in total assets , $ 334.1 million in loans and $ 391.1 million in deposits . The merger will grow Spencer to approximately $ 4 billion in assets , $ 3.1 billion in loans , and $ 3.2 billion in deposits with 26 branches in New Jersey .
“ With Spencer having such a strong presence in the Bergen County market and northern New Jersey , we plan to expand existing and develop new consumer and business relationships that will complement our local emphasis on serving our communities ,” added Guerrero . “ We are also very fortunate to retain many of Mariner ’ s staff members which will help with the transition .”
Full integration of Mariner ’ s systems is expected to be completed in the first quarter of 2022 .
Bank of America ’ s COVID-19 Employee Booster Initiative
Bank of America is making a $ 700,000 investment in Community FoodBank of New Jersey , Fulfill and Trenton Area Soup Kitchen ( TASK ) to address food insecurity in the region . The funds are expected to provide approximately 1.75 million meals .
In New Jersey , an estimated 762,530 people are facing hunger , according to the domestic hunger-relief organization Feeding America . As the pandemic continues , hunger relief organizations in New Jersey and across the country are facing ongoing challenges such as increased demand for their services and rising food prices .
Bank of America is supporting its employees ’ health and safety while addressing one of local communities ’ most critical needs . Earlier this year , the company announced it would make a $ 100 donation to local hunger relief organizations and food banks for each employee in New Jersey who received a COVID-19 booster shot or vaccine and notified the bank before the end of January .
The company made an additional contribution to address the increased need experienced by hunger relief organizations across the country . Since the onset of the pandemic , Bank of America has provided $ 2.29 million in funding to Community Foodbank of New Jersey , Fulfill and TASK in support of local hunger relief efforts .
“ As the pandemic continues to impact our New Jersey communities , food banks and hunger relief organizations are experiencing increased demand and higher costs to meet the needs of individuals and families ,” said Bank of America New Jersey President Alberto Garofalo . “ Our commitment to help strengthen the communities we live in and serve is unwavering , which is why we are investing in the health , safety and wellbeing of our teammates while also providing funds to help our longtime nonprofit partners that are tirelessly working to fight food insecurity and ensure each of our neighbors has access to a meal .”
Nationally , the bank has committed $ 10.6 million dollars to food banks and hunger relief organizations through this effort . Since 2015 , Bank of America has donated nearly $ 150 million toward hunger relief efforts .
NJBankers Names Michael P . Affuso as its New President and CEO
The New Jersey Bankers Association ( NJBankers ) named Michael P . Affuso , Esq ., to replace the retiring John E . McWeeney , Jr ., as president and CEO . McWeeney will continue to
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Bank of America New Jersey President Alberto Garofalo
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