Canada’s BMO Financial Group (BMO) announced this week that it has completed its acquisition of San Francisco-based Bank of the West, concluding a process that began more than one year ago. According to a press release confirming the deal’s completion, the acquisition is expected to provide BMO with an addition 1.8 million customers while increasing the company’s presence in U.S. markets by more than 500 new locations:
As the 8th largest bank in North America by assets, BMO now has a strong position in three of the top five U.S. markets, a footprint in 32 states, expanded national specialty commercial businesses and a digital banking platform helping customers make real financial progress in all 50 states.
U.S. regulators gave final approval to the acquisition last month. At that time, BMO Financial Group U.S. CEO David Casper expressed the company’s vision for expansion in the U.S. markets. “We’ve been providing banking services to BMO customers for over 200 years, helping them make real financial progress, expand their businesses and drive economic growth,” he said. “We look forward to working with communities across our expanded U.S. footprint to help drive meaningful change at the local level through a strong combination of financial and community-driven investment.”
BMO expects to complete the conversion of the two banks’ systems sometime in September of this year. During that conversion process, the firm’s customers can expect to receive continued services from their current branches, as well as existing online and mobile application services. Those customers will eventually be notified of the bank’s plans for account conversion.