| First Horizon Bragged TD Deal Was On
Track Now Claims Never Took of Granted But
Dead
By Matthew
Russell Lee, Patreon Maxwell
Book
BBC
- Guardian
UK - Honduras
- ESPN
SDNY / SOUTH
BRONX, May 8 – Seemingly
oblivious to US regulators
stated desire to tighten up
their merger review rules,
specifically on fair lending,
Toronto Dominion on February
28 announced a $13.4 billion
proposal to buy First Horizon.
Fair
Finance Watch has been
concerned by TD Bank's lending
disparities for some time.
Nationwide in 2020, TD Bank
denied almost as many
applications from African
Americans (833) as it made in
mortgage loans to African
Americans (853). It was far
more generous with white
borrowers: 23,469 loans made,
with only 9009 denials.
Fair
Finance Watch immediately
online noted that in New York
State in 2020, TD Bank was
even worse. It denied more
mortgage applications from
African Americans (255) that
it made loans to African
Americans in NYC (198). Again,
TD Bank was far more generous
with white borrowers in NYS:
3,558 loans made, with only
1714 denials.
On May 4, 2023,
TD Bank and First Horizon Bank
announced the termination of
their merger agreement, citing
uncertainty about the
timetable to obtain regulatory
approvals
Fair
Finance Watch noted when the
banks bragged that the deal
was "on track" and that TD was
already integrating with First
Horizon - without required
regulatory approvals: "TD Bank
Group said in a statement
Wednesday [Nov 2], 'Teams at
both TD and First Horizon are
working together to ensure a
seamless integration
experience for our customers
as we prepare to introduce
First Horizon customers to TD
Bank. We will provide more
details on that when full
regulatory approval is
received.'"
Fair
Finance Watch asked, shouldn't
that have been IF approval is
received? And how was it legal
to be working together without
merger approvals?
Now First Horizon
Bank Corp. CEO D. Bryan Jordan
spins to CNBC that the banks
"never assumed regulatory
approval was a given." Really?
Watch this site.
Earlier arrogance
(and testimony) here.
Inner City Press
will be inquiring under the
Freedom of Information Act.
Watch this site.
***
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