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BMO Offloads 138 U.S. Branches to First Citizens in $5.7 Billion Transaction
Bank of Montreal has agreed to sell 138 U.S. branches to First Citizens BancShares for $5.7 billion, aiming to streamline operations and focus on growth markets.
- The transaction involves the sale of 138 U.S. branches from Bank of Montreal to First Citizens BancShares, enhancing First Citizens presence in key states like Wyoming, South Dakota, and North Dakota.
- First Citizens BancShares will acquire approximately $5.7 billion in deposits as part of the agreement, which is set to close by mid-2026.
- Bank of Montreals decision to sell these branches aligns with its strategy to optimize its branch network, focusing on areas with higher growth potential.
Por Qué Es Relevante
This sale reflects ongoing consolidation in the banking sector, as institutions like Bank of Montreal seek to streamline operations while First Citizens BancShares expands its footprint in the U.S. market, particularly in the Midwest.