Branch closure plans come after the completion of a major acquisition
Bank of Montreal (BMO) has begun the sale process for some branches in the US after it completed the acquisition of US-based Bank of the West and brought in an addtional $6 billion (USD) in deposits, according to reporting by The Wall Street Journal.
According to the report, BMO is looking to exit its presence in the states of Wyoming, North Dakota, and South Dakota. The branches might be sold together or in clusers and the sales could include loans in additon to deposits.
BMO currently operates around 1,000 branches in the United States, with about 500 of those branches having been added via their acquisition of Bank of the West in 2023. BMO is currently the 16th largest bank in the US by assets.
Following acquisitions, the closure or sale of branches is common practice. Moreover, traditional branches have been closed accross North America in recent years as banks preference online service offerings.
