BMO has entered into a definitive agreement to sell 138 BMO branches to First-Citizens Bank & Trust Company.
The branches are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho, as well as select branches in Minnesota, Oregon, and Illinois. In parallel, BMO plans to open 150 new branches over the next five years, with a focus on densifying its presence in U.S. markets. Plans for new branches will be California-centric, but not limited to the state.
Under the terms of the agreement, First Citizens Bank will assume approximately $5.7 billion in deposits and purchase approximately $1.1 billion in loans for a net deposit premium of approximately 5 percent paid on closing.
BMO Capital Markets and Piper Sandler & Co. acted as financial advisors, and Godfrey & Khan, S.C. acted as legal counsel to BMO. Arnold & Porter Kaye Scholer LLP and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan, L.L.P. acted as legal counsel to First Citizens Bank.
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