TD Bank just made its biggest acquisition ever, despite the volatility rocking U.S. markets.

The bank is paying $13.4 billion for Memphis-based First Horizon, in an all-cash deal valuing the shares at $25.00, to establish a presence in the Southeast.

First Horizon has leadership positions in Tennessee, Louisiana, Florida, the Carolinas and Virginia, and footholds in the attractive Atlanta, Georgia, and Dallas and Houston, Texas markets.

First Horizon shares soared on the deal.

“The Southeastern U.S. represents a tremendous opportunity for TD and the addition of First Horizon’s commercial and specialty banking capabilities will position us as a leading national player in commercial banking. We will combine our resources and capabilities and continue to invest in the region as we focus on delivering the most differentiated banking experience in our markets” said Leo Salom, Group Head, U.S. Retail, TD Bank Group, and President and CEO, TD Bank in the deal announcement…read more.