BMO Financial Group accelerates North American growth with strategic acquisition of Bank of the West

On Dec. 20, BMO Financial Group and its indirect wholly-owned Chicago-based subsidiary BMO Harris Bank N.A. announced the signing of a definitive agreement with BNP Paribas to acquire Bank of the West and its subsidiaries, with assets as of Sept. 30, 2021, of approximately $105  billion.

Under the terms of the agreement, BMO will acquire Bank of the West for a cash purchase price of $16.3 billion, or $13.4 billion net of estimated $2.9 billion of excess capital (at closing) at Bank of the West. BMO will fund the transaction primarily with excess capital reflecting its strong capital position and anticipated capital generation.

Founded in 1874, Bank of the West has a strong track record of serving retail, small business, commercial and wealth clients. Bank of the West is headquartered in San Francisco and operates more than 500 branches and offices in 24 states (primarily in the Western and Midwestern parts of the United States), employs more than 9,000 team members and serves nearly 1.8 million customers.

Bank of the West currently has a branch in Holyoke.

According to the press release, as part of this transaction, BMO does not plan to close Bank of the West branches and is committed to retaining front-line Bank of the West branch employees and enabling career development opportunities throughout BMO’s North American footprint.

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