MONTREAL–The Bank of Montreal is exploring a sale of some of its U.S. branches with roughly $6 billion in deposits, and is also seeking to unload certain locations after its deal to buy Bank of the West, according to a new report.
BMO has launched a sale process for branches that could include loans in addition to the deposits, the people said, the Wall Street Journal reported, adding that BMO is investing in its branch footprint through openings and renovations, but has been looking to exit its presence in Wyoming and the Dakotas.
The Options
The report said the bank could sell the branches together or in clusters. The plans weren’t final and may not come together.
BMO is the 16th-largest bank in the U.S. by assets, according to the Federal Reserve, with about 1,000 branches across the country. The Journal noted its acquisition of Bank of the West, completed in 2023, added about 500 branches throughout the Midwest and West.
‘Various Approaches’
“Banks have broadly closed traditional branches in recent years with customers leaning into online and mobile services, though the pace of net closures has slowed some this year,” the Journal noted. “Overseas banks have taken varying approaches to the U.S. market, with some choosing to largely exit branches and instead focus on other parts of their U.S. business, such as wealth management or corporate banking.”
