BMO Bank

BMO Bank, N.A., commonly known as BMO, is the principal U.S. banking subsidiary of Bank of Montreal, the Canadian financial-services group commonly branded as BMO Financial Group. Headquartered in Chicago, Illinois, the bank provides consumer, small-business, commercial and wealth-related banking services through a large Midwestern and national U.S. network. It also issues Diners Club cards in the United States and participates in the broader BMO group’s commercial banking, wealth management and capital-markets activities. The institution traces its origins to 1882, when Norman Wait Harris founded N.W. Harris & Co. in Chicago as a municipal-bond brokerage. The business subsequently developed into Harris Trust and Savings Bank, established in 1907, and later Harris Bank. Its identity therefore combines a long Chicago banking history with the international ownership and brand architecture of Bank of Montreal. Bank of Montreal acquired control of Harris in 1984 and used the U.S. subsidiary as a platform for expansion in the Midwest. Growth under BMO ownership was driven by a long sequence of acquisitions. Early transactions expanded the institution across the Chicago metropolitan area and nearby states, while later purchases added consumer deposits, commercial relationships, investment capabilities and branch infrastructure. The most consequential transaction before the 2020s was Bank of Montreal’s 2010 agreement to acquire Marshall & Ilsley Corporation of Milwaukee. After completion, Harris and Marshall & Ilsley operations were combined and rebranded BMO Harris Bank, creating a substantially larger regional banking franchise. BMO continued broadening its U.S. activities through acquisitions and specialist businesses, including the purchase of General Electric Capital’s transportation-finance operation, completed in 2015. By 2018, the bank was the second-largest deposit holder in the Chicago market according to the cited reference material, with an 11.5% share, and its retail banking division operated across eight states. Its broader branch and ATM network subsequently expanded to states including Illinois, Wisconsin, Indiana, Iowa, Missouri, Minnesota, Kansas, Arizona, Florida and California. In 2021, Bank of Montreal agreed to acquire Bank of the West from BNP Paribas. The transaction, completed in February 2023, significantly increased BMO’s U.S. scale and geographic reach. Bank of the West operations were subsequently absorbed into the BMO platform. As part of the integration, the company retired the BMO Harris Bank name in favor of the shorter global BMO identity. The U.S. subsidiary now primarily operates as BMO Bank N.A., while the parent continues to use BMO as its principal international brand. BMO’s principal U.S. base remains Chicago. Its former Loop complex included historic buildings at West Monroe Street and LaSalle Street, while the bank announced in 2018 that it would move its headquarters to a new office tower beside Chicago Union Station. The BMO Tower opened in 2022. The bank also maintains significant physical and commercial presences in markets such as Milwaukee and Indianapolis. Its naming-rights portfolio includes BMO Stadium in Los Angeles, BMO Center in Rockford and BMO Pavilion at Milwaukee’s Summerfest. As of the cited March 2024 reference point, BMO Bank was described as the fifteenth-largest U.S. bank by total assets.

BMO Bank’s institutional history begins in Chicago in 1882, when Norman Wait Harris established N.W. Harris & Co., a municipal-bond brokerage. The business became the foundation of the Harris banking franchise. Harris Trust and Savings Bank was established in 1907, and the organization later merged with Chicago National Bank in 1960. In 1972, it was reorganized as Harris Bank, N.A. Bank of Montreal acquired control of Harris in 1984. The Canadian parent used the Chicago institution to build a broader U.S. banking presence, initially through community-bank acquisitions in Illinois and surrounding markets. Transactions involving First National Bank of Barrington, State Bank of St. Charles, First National Bank of Batavia, Libertyville Federal Savings Bank and Loan, Frankfort Bancshares and other institutions expanded Harris’s branch network and deposit base. Harris Bankcorp’s 1994 combination with Suburban Bancorp further strengthened its Chicago-area position, and the purchase of 54 branches from Household Bank in 1996 added additional local scale. During the late 1990s and early 2000s, the organization also developed investment and brokerage capabilities. Burke, Christensen & Lewis was combined with Harris Investors Direct in 1999, producing Harris InvestorLine. InvestorLine later combined with CSFBdirect to form Harrisdirect, while Harris acquired online client accounts associated with Morgan Stanley’s individual-investor business and myCFO. Other acquisitions during this period included Freeman Welwood, Village Bank of Naples, Century Bank of Arizona, First National Bank of Joliet, Northwestern Trust and Investors Advisory Company, Sullivan, Bruyette Speros & Blayney, Lakeland Community Bank and Villa Park Trust and Savings Bank. The expansion continued in the second half of the 2000s. Harris acquired First National Bank & Trust of Kokomo in 2007, followed by Ozaukee Bank and Merchant and Manufacturers Bankcorp in 2008, and Amcore Bank in 2010. These deals extended the franchise across the Midwest and increased its presence in commercial and community banking. A major turning point came in December 2010, when Bank of Montreal agreed to purchase Marshall & Ilsley Corporation in an all-stock transaction. Marshall & Ilsley was based in Milwaukee and had a substantial Wisconsin banking franchise. The combined operations of Marshall & Ilsley and Harris were rebranded BMO Harris Bank in 2011, creating a larger regional institution under a name that joined BMO’s international identity with the established Harris brand. BMO subsequently added specialist capabilities, including General Electric Capital Corporation’s transportation-finance business, acquired in 2015. By June 2018, the bank was reported to hold the second-largest deposit share in the Chicago market, at 11.5%, and its BMO Harris operations covered eight U.S. states. In 2021, Bank of Montreal agreed to acquire Bank of the West from BNP Paribas. Completion occurred in February 2023. The deal expanded BMO’s U.S. footprint beyond its traditional Midwestern base and brought Bank of the West’s customers, branches and capabilities into the BMO platform. During the integration, BMO announced that it would discontinue the BMO Harris Bank name and use the global BMO brand instead. The U.S. subsidiary now primarily trades as BMO Bank N.A. The company’s Chicago headquarters historically occupied a group of buildings in the Loop, including a 1910 structure at 119 West Monroe Street, a 1960 addition at 111 West Monroe and a 1974 tower at 115 South LaSalle Street. Lions depicted on the original building influenced earlier Harris visual identity and the Hubert the Lion mascot. A new headquarters tower beside Chicago Union Station opened in 2022. The bank also has notable facilities in Milwaukee and Indianapolis. Its corporate naming-rights properties include BMO Stadium in Los Angeles, BMO Center in Rockford and BMO Pavilion at Milwaukee’s Summerfest.

1. 2023Bank of the West acquisition is completed

   Bank of Montreal completes the acquisition of Bank of the West, materially increasing the scale of its U.S. banking operations.

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2. 2023Transition from BMO Harris to BMO

   The U.S. business retires the BMO Harris Bank name and adopts the global BMO identity during the Bank of the West integration.

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3. 2022BMO Tower headquarters opens in Chicago

   The bank moves its principal Chicago headquarters operation to the BMO Tower beside Chicago Union Station.

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4. 2015Transportation-finance expansion

   BMO completes the acquisition of General Electric Capital Corporation’s transportation-finance business.

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5. 2011BMO Harris Bank brand is introduced

   Harris and Marshall & Ilsley operations adopt the BMO Harris identity after the acquisition and integration process.

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6. 2010Agreement to acquire Marshall & Ilsley

   Bank of Montreal agrees to acquire Milwaukee-based Marshall & Ilsley Corporation, setting up a major expansion of the U.S. franchise.

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7. 1994Harris combines with Suburban Bancorp

   The combination increases Harris’s scale in the Chicago-area banking market.

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8. 1984Bank of Montreal acquires control of Harris

   Bank of Montreal takes control of the Chicago banking organization and begins building its U.S. platform around Harris.

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9. 1972Reorganization as Harris Bank, N.A.

   The organization is restructured under the Harris Bank name.

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10. 1960Merger with Chicago National Bank

    Harris Trust and Savings Bank merges with Chicago National Bank as part of its institutional development in Chicago.

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11. 1907Harris Trust and Savings Bank is established

    The Harris organization develops into a banking institution under the Harris Trust and Savings Bank name.

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12. 1882N.W. Harris & Co. is founded in Chicago

    Norman Wait Harris establishes the municipal-bond brokerage that becomes the institutional predecessor of BMO Bank’s U.S. operations.

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A large North American bank combining a historic Chicago and Midwestern branch franchise with the scale, capital and international brand of Bank of Montreal.

• Consumer bankingRetail banking

  BMO provides everyday retail banking services through branches, digital channels and ATMs. The offering includes transaction accounts, savings products, consumer credit, residential mortgages and payment cards. Its U.S. consumer franchise is particularly associated with the Midwest, although the Bank of the West integration broadened the geographic reach of the BMO platform.

• Small-business bankingBusiness banking

  The bank serves small businesses with deposit accounts, lending, cash-management and payment services. These capabilities build on the community-bank networks accumulated through decades of acquisitions and are delivered alongside BMO’s broader commercial-banking platform.

• Commercial bankingCommercial banking

  BMO’s commercial business supports companies and institutions with credit, treasury management, payments and related financial services. Its expansion through Marshall & Ilsley, Bank of the West and other transactions increased the scale and regional reach of this business.

• Wealth and investment servicesWealth management

  The BMO platform includes wealth-management, investment-advisory and brokerage capabilities. Earlier Harris businesses included Harris Investors Direct, Harrisdirect and related investment-account operations, while current services are positioned within the broader BMO Financial Group structure.

• Transportation financeSpecialty finance2015

  BMO expanded its specialty-finance capabilities through the 2015 acquisition of General Electric Capital Corporation’s transportation-finance business. The business supports financing activity connected with transportation assets and complements BMO’s commercial-banking operations.

• Diners Club cardsPayment cards

  BMO is identified as the U.S. issuer of Diners Club cards. This role gives the bank a specialized position in the U.S. payment-card market in addition to its consumer deposit and lending businesses.

• BMO naming-rights and event sponsorship program

  United States

  BMO uses venue naming rights and event sponsorships to maintain visibility in key U.S. markets. Referenced properties include BMO Stadium in Los Angeles, BMO Center in Rockford and BMO Pavilion at Milwaukee’s Summerfest.

  Outcome. Ongoing brand visibility and local-market association; specific campaign metrics are not provided.

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• 2023Adopt the global BMO brand in the United StatesStrategy

  The Bank of the West integration created an opportunity to simplify the U.S. identity and align it with Bank of Montreal’s international BMO brand.

  What changed. The company announced that it would retire the BMO Harris Bank name and conduct U.S. banking primarily as BMO Bank N.A.

  Aftermath. The U.S. business moved toward a unified BMO identity across markets.

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• 2021Acquire Bank of the WestM&A

  Bank of Montreal aimed to at least double the scale of its U.S. presence and add Bank of the West’s geographic and customer base to BMO Harris Bank.

  What changed. Bank of Montreal agreed to acquire Bank of the West and planned to merge the business into its existing U.S. banking platform.

  Aftermath. The acquisition closed in February 2023, after which Bank of the West operations were absorbed into BMO and the BMO Harris name was retired.

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• 2010Acquire Marshall & Ilsley CorporationM&A

  Bank of Montreal sought to expand its U.S. banking presence through the acquisition of a major Milwaukee-based institution.

  What changed. Bank of Montreal agreed to an all-stock acquisition of Marshall & Ilsley Corporation.

  Aftermath. The Marshall & Ilsley and Harris operations were combined and subsequently branded BMO Harris Bank.

  Transaction value. Approximately $4.1 billion (Announced December 17, 2010)

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• 2023BMO completes Bank of the West acquisition

  The Bank of the West acquisition was completed in February 2023. The acquired operations were subsequently integrated into BMO’s U.S. platform.

  M&A
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• 2023BMO retires the BMO Harris Bank name in the United States

  Coinciding with the Bank of the West integration, the U.S. bank announced the retirement of the BMO Harris Bank name and the adoption of the global BMO brand.

  Other
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• 2021Bank of Montreal agrees to acquire Bank of the West

  Bank of Montreal announced an agreement to purchase Bank of the West, with the stated goal of combining it with BMO Harris Bank and materially increasing the group’s U.S. presence.

  M&A
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• 2018BMO announces headquarters move to BMO Tower

  The bank announced plans to relocate its Chicago headquarters from its historic Loop complex to fourteen floors of a new office tower next to Chicago Union Station.

  Other
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• 2015BMO completes acquisition of GE Capital transportation finance business

  BMO completed its purchase of General Electric Capital Corporation’s transportation-finance business, expanding its specialist commercial-finance activities.

  M&A
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• 2011Harris and Marshall & Ilsley operations adopt the BMO Harris brand

  Following the Marshall & Ilsley transaction, the U.S. businesses were brought together under the BMO Harris identity and the company was restructured as BMO Bankcorp.

  M&A
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• 2010Bank of Montreal agrees to acquire Marshall & Ilsley

  Bank of Montreal announced an all-stock agreement to acquire Milwaukee-based Marshall & Ilsley Corporation in a transaction valued at approximately $4.1 billion according to the cited reference.

  M&A
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1. BMO Bank