BMO selling 138 U.S. branches to First Citizens Bank, plans 150 new branches
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Monthly Digital Subscription
$1 per week for 24 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $4.00 plus GST every four weeks. After 24 weeks, price increases to the regular rate of $19.00 plus GST every four weeks. Offer available to new and qualified returning subscribers only. Cancel any time.
Monthly Digital Subscription
$4.75/week*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Billed as $19 plus GST every four weeks. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
*Your next subscription payment will increase by $1.00 and you will be charged $16.99 plus GST for four weeks. After four weeks, your payment will increase to $23.99 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
TORONTO – BMO Financial Group has signed a deal to sell 138 BMO branches in the U.S. to First-Citizens Bank & Trust Co. as part of a plan to optimize its branch network.
The branches being sold are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho, as well as select locations in western Minnesota, one branch in eastern Oregon, and one branch in southern Illinois.
The Canadian bank also says it plans to open 150 new branches over the next five years, focused on growth in California, but not limited to the state.
Under the terms of the deal, First Citizens Bank will assume about US$5.7 billion in deposits and purchase about US$1.1 billion in loans.
As a result, BMO says it will record a charge related to goodwill of about C$104 million in its fourth quarter. On closing, the bank expects to record a tax charge of about C$117 million.
The banks say the deal is subject to regulatory approvals and other customary closing conditions and is expected to close in mid-2026.
This report by The Canadian Press was first published Oct. 16, 2025.
Companies in this story: (TSX:BMO)