Western Alliance Bancorp, PacWest Bancorp and First Horizon Corp. posted steep losses Thursday as clouds hung over the banking sector a day after the U.S. Federal Reserve hiked interest rates by a quarter-point. First Horizon
FHN,
-35.88%
dropped 36% after it said its merger with Toronto-Dominion Bank
TD,
+0.22%
TD,
-0.14%
would not close, some 15 months after the deal was announced. Jefferies analyst Casey Haire said First Horizon’s standalone stock valuation without the merger is about $11 to $13 a share, 20% bel …
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