BMO Completes Sale of 138 U.S. Branches

BMO Financial Group has completed the sale of 138 U.S. branches across 11 states to First-Citizens Bank & Trust Company, transferring about $5.7 billion in deposits and $1.1 billion in loans. The deal covers locations in the Dakotas, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho, and selected branches in Minnesota, Oregon, and Illinois. BMO said the transaction will help it redirect capital and resources toward faster-growing markets, including planned expansion in California and Arizona. For First Citizens, the acquisition adds core retail deposits that can strengthen funding after its 2023 purchase of Silicon Valley Bank’s operations. The transition caused customer-service disruptions in Omaha, where some former BMO customers reported zero balances, inaccessible accounts and delays in accessing their money during the conversion.