MEMPHIS, Tenn. — A Toronto, Canada-based bank group is buying Memphis-based First Horizon, according to the Associated Press.

Toronto-Dominion Bank is buying First Horizon in a $13.4 billion all-cash deal that the company said will help broaden its reach in the southeastern U.S.

The companies said that the deal will create a combined business that is in the top six banks in the U.S., with approximately $614 billion in assets and a network of 1,560 stores, serving over 10.7 million U.S. customers across 22 states.

First Horizon, formerly known as First Tennessee, has roots in Memphis that go back to the 1860s. It changed its branding in 2019 and merged with IberiaBank in 2020.

Memphis will become a regional hub for TD, the company said in a news release, and no branch closures are planned.

TD says it will commit $40 million to a First Horizon Foundation.

First Horizon has more than 5,500 employees, according to its website.