TD Bank and First Horizon cancel $13.4B merger, causing stock market turmoil.
TD Bank and First Horizon have terminated their merger agreement due to a lack of clarity on regulatory approvals. TD will pay First Horizon $200 million on top of a $25 million reimbursement fee. The merger would have made TD the sixth-largest bank in the US by assets. The termination could have broader repercussions for TD's future partnerships and deployment of excess capital.