TD Bank Group in Toronto and First Horizon in Memphis, Tenn., have extended the deadline date for their planned merger.
The companies said in a press release that the date had been moved from Feb. 27 to May 27 as they finalize a community benefits plans and wait for regulatory approval.
TD had already acknowledged that it hopes to close the deal in late April.
“TD and First Horizon are fully committed to the merger and continue to make significant progress in planning for the closing and the integration of the companies,” they said in the release. “Progress is being made on a community benefits plan in support of local communities across the TD and First Horizon footprints in the U.S.”
TD agreed to buy the $80.3 billion-asset First Horizon in February 2022 for $13.4 billion. At that time, the companies projected closing the deal in the fall of 2022. The payout to First Horizon shareholders rose in November 2022 due to a stipulation in the merger agreement.