BMO Financial Group
Began sale process in September
BMO Financial Group has agreed to sell 138 branches to US-headquartered First-Citizens Bank & Trust Co., according to a report by The Canadian Press.
The branches being sold are all in the United States, located in North Dakota, South Dakota, Nebraska, Kansas Missouri, Wyoming, Oklahoma, western Minnesota, eastern Oregon, southern Illinois, and Idaho.
First Citizens will assume $5.7 billion USD and $1.1 billion USD in loans as part of the deal.
The branches being sold by BMO were largely acquired through BMO’s purchase of the US-based Bank of the West.
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