BMO Financial Group has closed the sale of 138 branch locations to First-Citizens Bank & Trust Company, a deal first disclosed in October last year. The branches are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho, along with selected branches in Minnesota, Oregon, and Illinois. Under the agreement, First Citizens Bank is taking on about $5.7bn of deposit liabilities and purchasing roughly $1.1bn of loans. BMO said the disposal is part of its plan to adjust its US financial centre network and shift capital and resources towards markets with strong client engagement and long-term growth prospects. Earlier this year, BMO outlined plans to add more than 130 new sites across California and about 15 in Arizona, which would lift its California footprint by more than 50% as part of a multi-year strategy centred on Western US areas.
Bank of MontrealBMO closed the sale of 138 US branches, offloading $5.7bn of deposits and $1.1bn of loans as part of its plan to shift capital toward higher-growth Western US markets.
First Citizens BancShares, Inc.First Citizens Bank acquired 138 branches from BMO, taking on about $5.7bn of deposit liabilities and roughly $1.1bn of loans, expanding its footprint.
