Joint hearing will consider proposed acquisition of Tennessee bank by Canadian institution

The acquisition of a Tennessee bank by a Toronto institution will be the subject of a virtual joint hearing Aug. 28 by the regulator of national banks and the Federal Reserve, the agencies said Tuesday.

In a release, the Fed and the Office of the Comptroller of the Currency (OCC) said the joint hearing on the proposed acquisition by The Toronto-Dominion Bank, Toronto, Ontario, Canada, of First Horizon Corporation, Memphis, Tenn., will “collect information from a wide range of stakeholders as the agencies evaluate the proposed applications.”

By law, the agencies said, in such a merger they are required to evaluate:

  • convenience and needs of the communities to be served by the combined organization;
  • insured depository institutions’ performance under the Community Reinvestment Act (CRA);
  • competition in the relevant markets;
  • effects of the proposal on the stability of the U.S. banking or financial system;
  • financial and managerial resources and future prospects of the companies and banks involved in the proposal; and
  • effectiveness of the companies and banks in combatting money laundering activities.

Members of the public seeking to present oral comments at the August hearing must register by noon ET on July 28, 2022, through the OCC’s online registration web page. The agencies aid the page will be updated with registration details by June 8, 2022. More information and requirements to present, as well as registration information to view the public meeting, are available in the attachment from the agencies.

The comment period on the proposed acquisition, the agencies also said Tuesday, has been extended to Aug. 23.

Agencies announce public meeting on proposed acquisition by The Toronto-Dominion Bank of First Horizon Corporation; public comment period extended