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BMO Bank
BMO Bank, N.A. (colloquially BMO; US: /biːmoʊ/) is a U.S. national bank headquartered in Chicago, Illinois. It is a subsidiary of the Canadian multinational investment bank and financial services company Bank of Montreal, which owns it through the holding company BMO Financial Corporation (formerly Bankmont Financial Corporation, then Harris Financial Corporation). As of March 2024[update], it was the 15th largest bank in the United States by total assets.
The bank was founded in Chicago in 1882 as N.W. Harris & Co. by Norman Wait Harris before changing its name to Harris Trust and Savings Bank in 1907 and then Harris Bank in 1972. After the Bank of Montreal acquired the company in 1984, it became branded as BMO Harris Bank by 2011. Under the Bank of Montreal's ownership, the company increased its presence in the U.S. through a series of acquisitions of other banks, such as Suburban Bancorp in 1994, Marshall & Ilsley in 2011, and Bank of the West in 2023. Coinciding with the Bank of the West merger, the U.S. bank announced that it would retire the "BMO Harris Bank" brand in favor of the global "BMO" brand of its Bank of Montreal's parent financial services corporation.
In 1882, Norman Wait Harris established N.W. Harris & Co., a Chicago-based municipal bond broker and the forerunner of Harris Bank. Harris Trust and Savings Bank was established in 1907. It merged with Chicago National Bank in 1960 and was restructured as Harris Bank, N.A. in 1972. Bank of Montreal (later known as BMO Financial Group) acquired control of Harris in 1984.
The bank grew rapidly through a series of acquisitions, beginning with the First National Bank of Barrington in 1985, State Bank of St. Charles and First National Bank of Batavia in 1988, and Libertyville Federal Savings Bank and Loan and Frankfort Bancshares in 1990. Harris Bankcorp and Suburban Bancorp combined under the Harris name in 1994 and the company acquired 54 Chicago area branches from Household Bank in 1996. In 1999, the direct brokerage firm Burke, Christensen & Lewis merged with Harris Investors Direct to form Harris InvestorLine. The company's further acquisitions include Freeman Welwood in 2000; Village Bank of Naples and Century Bank (Arizona) and First National Bank of Joliet in 2001; and Northwestern Trust and Investors Advisory Company (Seattle) in 2002. Also in 2002, InvestorLine combined with CSFBdirect to form Harrisdirect and Harris acquired online client accounts of Morgan Stanley Individual Investor Group and myCFO. In 2003, it purchased Sullivan, Bruyette Speros & Blayney Incorporated, followed by Lakeland Community Bank in Round Lake and Villa Park Trust and Savings Bank in 2005.
BMO continued its acquisitions in 2007 with First National Bank & Trust (Kokomo, Indiana), followed by Ozaukee Bank (Cedarburg, Wisconsin) and Merchant and Manufacturers Bankcorp Inc. (New Berlin, Wisconsin) in 2008 and Amcore Bank N.A. (Rockford, Illinois) in 2010.
On December 17, 2010, Bank of Montreal agreed to purchase Milwaukee-based Marshall & Ilsley Corporation in an all-stock transaction valued at about $4.1 billion. Marshall & Ilsley and Harris Bankcorp were both rebranded as BMO Harris. The company restructured as BMO Bankcorp in 2011.
In 2015, the company completed its acquisition of General Electric Capital Corp.'s transportation finance business.
BMO was the bank with the second-most deposits in Chicago by June 2018, with 11.5% market share. Also that month, its BMO Harris division was operating in eight US states.
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BMO Bank
BMO Bank, N.A. (colloquially BMO; US: /biːmoʊ/) is a U.S. national bank headquartered in Chicago, Illinois. It is a subsidiary of the Canadian multinational investment bank and financial services company Bank of Montreal, which owns it through the holding company BMO Financial Corporation (formerly Bankmont Financial Corporation, then Harris Financial Corporation). As of March 2024[update], it was the 15th largest bank in the United States by total assets.
The bank was founded in Chicago in 1882 as N.W. Harris & Co. by Norman Wait Harris before changing its name to Harris Trust and Savings Bank in 1907 and then Harris Bank in 1972. After the Bank of Montreal acquired the company in 1984, it became branded as BMO Harris Bank by 2011. Under the Bank of Montreal's ownership, the company increased its presence in the U.S. through a series of acquisitions of other banks, such as Suburban Bancorp in 1994, Marshall & Ilsley in 2011, and Bank of the West in 2023. Coinciding with the Bank of the West merger, the U.S. bank announced that it would retire the "BMO Harris Bank" brand in favor of the global "BMO" brand of its Bank of Montreal's parent financial services corporation.
In 1882, Norman Wait Harris established N.W. Harris & Co., a Chicago-based municipal bond broker and the forerunner of Harris Bank. Harris Trust and Savings Bank was established in 1907. It merged with Chicago National Bank in 1960 and was restructured as Harris Bank, N.A. in 1972. Bank of Montreal (later known as BMO Financial Group) acquired control of Harris in 1984.
The bank grew rapidly through a series of acquisitions, beginning with the First National Bank of Barrington in 1985, State Bank of St. Charles and First National Bank of Batavia in 1988, and Libertyville Federal Savings Bank and Loan and Frankfort Bancshares in 1990. Harris Bankcorp and Suburban Bancorp combined under the Harris name in 1994 and the company acquired 54 Chicago area branches from Household Bank in 1996. In 1999, the direct brokerage firm Burke, Christensen & Lewis merged with Harris Investors Direct to form Harris InvestorLine. The company's further acquisitions include Freeman Welwood in 2000; Village Bank of Naples and Century Bank (Arizona) and First National Bank of Joliet in 2001; and Northwestern Trust and Investors Advisory Company (Seattle) in 2002. Also in 2002, InvestorLine combined with CSFBdirect to form Harrisdirect and Harris acquired online client accounts of Morgan Stanley Individual Investor Group and myCFO. In 2003, it purchased Sullivan, Bruyette Speros & Blayney Incorporated, followed by Lakeland Community Bank in Round Lake and Villa Park Trust and Savings Bank in 2005.
BMO continued its acquisitions in 2007 with First National Bank & Trust (Kokomo, Indiana), followed by Ozaukee Bank (Cedarburg, Wisconsin) and Merchant and Manufacturers Bankcorp Inc. (New Berlin, Wisconsin) in 2008 and Amcore Bank N.A. (Rockford, Illinois) in 2010.
On December 17, 2010, Bank of Montreal agreed to purchase Milwaukee-based Marshall & Ilsley Corporation in an all-stock transaction valued at about $4.1 billion. Marshall & Ilsley and Harris Bankcorp were both rebranded as BMO Harris. The company restructured as BMO Bankcorp in 2011.
In 2015, the company completed its acquisition of General Electric Capital Corp.'s transportation finance business.
BMO was the bank with the second-most deposits in Chicago by June 2018, with 11.5% market share. Also that month, its BMO Harris division was operating in eight US states.