BMO completes sale of 138 U.S. branches to First Citizens Bank

BMO Financial Group has finalized the sale of 138 U.S. branches to First Citizens Bank & Trust Co., according to the company. The deal aligns with BMO's goal of streamlining its U.S. network and concentrating on markets with promising long-term growth. The branches up for sale are situated in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho, alongside a few in Minnesota, Oregon, and Illinois.

The announcement of the sale came in October of the previous year, accompanied by a plan to establish 150 new branches over the next five years, with a primary focus on California though not exclusively. BMO is scheduled to open seven branches this year in the Greater Los Angeles area, the San Francisco Bay Area, and San Diego. As per the terms of the deal, First Citizens Bank assumes approximately US$5.7 billion in deposits and acquires about US$1.1 billion in loans. This report by The Canadian Press was originally published on September 4, 2026.