BMO finalises divestment of 138 branches to First-Citizens Bank

BMO Financial Group has closed the sale of 138 branch locations to First-Citizens Bank & Trust Company.

The outlets involved in the deal are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho, along with selected branches in Minnesota, Oregon and Illinois.

BMO had first disclosed the agreement in October last year.

Under the agreement, First Citizens Bank is taking on about $5.7bn of deposit liabilities and purchasing roughly $1.1bn of loans.

At the time of initial announcement, the bank said it "welcomes the opportunity to work with new associates and clients in the regions."

BMO said the disposal is part of its plan to adjust its US financial centre network and shift capital and resources towards markets where it sees strong client engagement and longer-term growth prospects.

Earlier this year, BMO outlined plans to add more than 130 new sites across California and about 15 in Arizona.

The proposed expansion would lift its footprint in California by more than 50% and forms part of a multi-year strategy centred on Western US areas with population and economic growth.

BMO Financial Group said it was the eighth largest bank in North America by assets, with total assets of $1.5tn as of 31 July 2026.

The group has operated for more than 200 years and provides personal and commercial banking, wealth management, global markets and investment banking services in Canada, the US and selected markets internationally.

First Citizens Bank provides general banking services through branches and offices across the country, in addition to commercial banking, leasing and other financial services.

"BMO finalises divestment of 138 branches to First-Citizens Bank " was originally created and published by Retail Banker International , a GlobalData owned brand.