BMO selling 138 U.S. branches to First Citizens Bank, plans 150 new branches

The company logo hangs over the door to a BMO bank branch. (AP Photo/David Zalubowski)

TORONTO — BMO Financial Group has signed a deal to sell 138 BMO branches in the U.S. to First-Citizens Bank & Trust Co. as part of a plan to optimize its branch network.

The branches being sold are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho, as well as select locations in western Minnesota, one branch in eastern Oregon, and one branch in southern Illinois.

The Canadian bank also says it plans to open 150 new branches over the next five years, focused on growth in California, but not limited to the state.

Under the terms of the deal, First Citizens Bank will assume about US$5.7 billion in deposits and purchase about US$1.1 billion in loans.

As a result, BMO says it will record a charge related to goodwill of about C$104 million in its fourth quarter. On closing, the bank expects to record a tax charge of about C$117 million.

The banks say the deal is subject to regulatory approvals and other customary closing conditions and is expected to close in mid-2026.

This report by The Canadian Press was first published Oct. 16, 2025.