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First Horizon stock tanks amid wider rout for regional banks

By Charlotte Business Journal

Market information is displayed on a monitor at the New York Stock Exchange (NYSE) in Manhattan, New York City Market information is displayed on a monitor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., May 19, 2022. (Andrew Kelly/Reuters)

By Charlotte Business Journal

CHARLOTTE — Following news Thursday morning of the $13 billion TD Bank-First Horizon merger being scrapped, it was yet another brutal day for bank stocks. Shares of First Horizon plummeted on the news, ending trading at $10.06 — down 33.2% from Wednesday’s close at $15.05.

TD and First Horizon put out a press release early in the morning, saying the merger they announced 14 months ago is being canceled by “mutual agreement.” The deal has been stuck in the regulatory process for months, with no end in sight.

ALSO READ: Truist, other banks in Charlotte once again battered on stock market

And, of course, that’s playing out in a banking sector already in turmoil. Charlotte’s biggest financial institutions have seen their stocks hammered this week in the wake of First Republic Bank’s seizure by federal regulators — marking a third bank failure this year. And CNBC reports trading was halted multiple times on Thursday for PacWest, which led a continued slide for regional banks.

See how the rest of the Charlotte market’s top 10 banks by deposits fared on the stock market here.

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