The U.S. arm of Bank of Montreal intends to open 145 new branches in California and Arizona over the next five years as part of the financial institution’s plans to expand in-person banking in growing markets.
BMO Financial Group announced its multiyear branch investment, stating it plans to open 15 locations in the Phoenix area and Tucson. The new financial centers will serve as community banking hubs. The Phoenix Business Journal reports BMO ranked No. 6 among the Phoenix-area’s largest banks with $4.3 billion in local deposits in the second quarter of 2025.
In February, Fifth Third Bancorp. closed its $10.9 billion acquisition of Comerica Inc., which operates 12 bank branches in the Phoenix metro area. PNC Bank in December acquired Colorado-based First Bank Holding Co., adding 13 FirstBank branches in Arizona to its network.
Also last year, Enterprise Bank & Trust took over 10 First Interstate Bank branch offices in Arizona, more than doubling its amount of statewide deposits to $1.2 billion, while UMB Financial Corp. acquired Heartland Financial USA Inc., bringing its number of branches in Arizona to 14.
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