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Started By
Message
re: TD Bank calls off purchase of First Horizon Bank (IberiaBank)
Posted on 5/4/23 at 1:05 pm to Nu Iota Prophet
Posted on 5/4/23 at 1:05 pm to Nu Iota Prophet
quote:
Here we go again throwing out words like "woke" where it does not apply or has any relevance to the topic at hand.
Dude, I was asked why I wouldn't want to bank with TD. I answered. Sorry I triggered you.
1
Posted on 5/4/23 at 1:57 pm to LSUFanHouston
Ever heard of Elizabeth Warren?
Posted on 5/4/23 at 2:33 pm to SloaneRanger
You did not trigger me. What you did was use a word out of context that you really don’t know the true definition of simply because it’s turned into some buzz word to throw in any conversation to express a dislike of something. It’s lazy communication in your venting.
This post was edited on 5/4/23 at 2:36 pm
Posted on 5/4/23 at 3:00 pm to Nu Iota Prophet
You really ought to pay more attention to what’s been going on in Canada the last few years. We all should.
Posted on 5/4/23 at 3:25 pm to SloaneRanger
The company that I'm employed with is based out of Canada (Ontario). I visit often. As such, I personally am not grasping what you intended to convey in your post. That being said, I can see from the down votes that others share your use of the word "woke" despite it being used out of context.
This post was edited on 5/4/23 at 3:27 pm
Posted on 5/4/23 at 4:54 pm to LSURussian
FHN Is a solid regional bank that is very liquid and well capitalized.
This should be an excellent buying opportunity in that it's trading BELOW tangible book value ($11.39) and being heavily shorted by THE REDDIT crowd...
That being said, who the hell knows what will happen when the illogical panic and short plays get rolling.
Even solid banks are vuneranble in today's Bizarro World of banking.
This should be an excellent buying opportunity in that it's trading BELOW tangible book value ($11.39) and being heavily shorted by THE REDDIT crowd...
That being said, who the hell knows what will happen when the illogical panic and short plays get rolling.
Even solid banks are vuneranble in today's Bizarro World of banking.
Posted on 5/4/23 at 5:19 pm to Klondikekajun
Good win for Memphis keeping a decent sized corporation HQ'd locally.
For all the shite Memphis gets, its corporate climate is better than the whole of Louisiana.
For all the shite Memphis gets, its corporate climate is better than the whole of Louisiana.
This post was edited on 5/4/23 at 5:20 pm
Posted on 5/4/23 at 6:20 pm to SloaneRanger
quote:
I banked with Iberia, now FH. Glad this deal cratered. I had no intention of sticking around if TD took over.
Same here.
Posted on 5/4/23 at 8:30 pm to LSURussian
TD just didn’t want to pay the premium in the current market when they can and probably will pick up another regional bank after it fails for basically nothing.
The talk of First Horizon failing is quite a bit premature though. It’s just finally caught up with the regional bank ETF since the merger announcement. The premium was there because of the cash offer, but with it gone, the bank is now trading like all the others.
The talk of First Horizon failing is quite a bit premature though. It’s just finally caught up with the regional bank ETF since the merger announcement. The premium was there because of the cash offer, but with it gone, the bank is now trading like all the others.
Posted on 5/5/23 at 5:16 am to SloaneRanger
quote:
I banked with Iberia, now FH. Glad this deal cratered. I had no intention of sticking around if TD took over.
You’re still banking with a huge $30 billion bank out of Tennessee.
Bank where you know the owners, board, and managers. Most all banks have adequate technology since that gap narrowed years ago. Smartphone app, snap a pic to deposit a check, online banking, etc. Plus, the local banks typically have very good service and actually call you by your name.
Posted on 5/5/23 at 8:23 am to slackster
quote:Perhaps you're right but it cost them $225 million in termination fees to call it off.
TD just didn’t want to pay the premium in the current market when they can and probably will pick up another regional bank after it fails for basically nothing.
Maybe to a bank as big as TDA Bank that's "basically nothing" but it is a significant amount to get nothing for it.
First Horizon Bank is the re-named First Tennessee Bank, as of 2004.
First Horizon came through the 2008-2009 "Great Recession" unscathed and fully repaid its TARP infusion in two years. It's had the reputation of being a well-managed, fairly conservative bank when it comes to risk taking.
These days nothing would completely shock me when it comes to what banks are shaky but First Horizon would not be near the top of my list for being such a bank.
Posted on 5/5/23 at 9:18 am to LSURussian
quote:
Perhaps you're right but it cost them $225 million in termination fees to call it off.
Yeah but that’s peanuts in the grand scheme of things.
Don’t get me wrong, they’d rather not have entered into the deal at all, but $225MM to abound having to buy a bank for $7.5B (150%) more than their current market cap was money well spent.
I concur with your opinions of FHN overall though.
Lastly, you keep saying TDA but it really has nothing to do with Ameritrade anymore. It’s just TD Bank, Toronto Dominion. TD Bank sold its stake in TD Ameritrade back in 2019.
Posted on 5/5/23 at 9:21 am to slackster
quote:You're right. Old habits are hard to break.
Lastly, you keep saying TDA but it really has nothing to do with Ameritrade anymore. It’s just TD Bank, Toronto Dominion. TD Bank sold its stake in TD Ameritrade back in 2019.
Posted on 5/7/23 at 4:31 pm to slackster
quote:
TD just didn’t want to pay the premium in the current market when they can and probably will pick up another regional bank after it fails for basically nothing.
TD got their hand slapped by the FED and were shut down cold. They won't be getting approval to buy an American bank anytime soon.
First Horizon will survive but that $225mm is nothing compared to the loss of customers, employees, time and missed opportunity that dancing unsuccessfully with TD for 2 years has cost them.
Posted on 5/8/23 at 8:26 am to skewbs
quote:
This. TD Bank (i.e. Toronto Dominion) is not TD Ameritrade (i.e. Charles Schwab) @ OP
ahhhh so OP got it wrong
Posted on 5/8/23 at 8:28 am to SloaneRanger
quote:
Why? Why would I bank with a woke Canadian bank that shut down the accounts of the truckers protesting in Canada?
OP said it was TD ameritrade NOT TD bank. that is why i am asking. sounds like OP fricked up
Posted on 5/26/23 at 10:15 am to MrLSU
quote:Here we are 3 weeks later and there is not even the slightest indication First Horizon is on the verge of failure or takeover by the FDIC.
TD will probably get emergency regulatory approval for FH via the FDIC within the next 2-3 weeks. Worst case scenario is the FDIC takes FH over tomorrow if the contagion continues with FH (Friday).
That begs the question, what was your motivation to post your unfounded prediction?
Posted on 6/1/23 at 10:03 am to LSURussian
I was going to ask, its been a few weeks and FH stock is down although it made a little jump this morning.
Is this a deal now? Anyone think there is another potential buyout coming?
Is this a deal now? Anyone think there is another potential buyout coming?
Posted on 6/1/23 at 11:58 am to kengel2
quote:
Is this a deal now? Anyone think there is another potential buyout coming?
I wouldn’t buy FHN with any anticipation of a buyout. Not that it can’t happen, but the pool of potential buyers is small and the seller pool is plentiful.
Posted on 6/1/23 at 12:46 pm to slackster
Zero buyouts coming in banking unless a bank is failing. MAYBE some true merger of equals, but there is almost zero way to value a bank right now in this environment. Every banks economic value of equity is screwed right now.
If you marked to market the loans on their books (many in the 3’s and low 4’s) and their investment portfolio, there is just little value there to purchase a bank right now. Unless you just see huge upside to gaining a market share and/or some kind of serious economies of scale you would inherit.
If you marked to market the loans on their books (many in the 3’s and low 4’s) and their investment portfolio, there is just little value there to purchase a bank right now. Unless you just see huge upside to gaining a market share and/or some kind of serious economies of scale you would inherit.
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