Bank of the West acquired by BMO

On Jan. 17, BMO Financial Group, and its subsidiaries, BMO Financial Corp. and BMO Harris Bank N.A., were given approval to complete the acquisition of Bank of the West from its parent bank, BNP Paribas. The Bank of Montreal is a Canadian multinational investment bank and financial services company. BMO Harris Bank, N.A., doing business as BMO, is the U.S. subsidiary of Bank of Montreal. Bank of Montreal is one of the eighth largest banks, by assets, in North America, with total assets of C$1.14 trillion as of October 31, 2022.

"We are excited to be bringing BMO and Bank of the West together to continue building a leading North American bank with a shared focus on progress for our customers, employees, communities and the planet," said Darryl White, CEO, BMO Financial Group, in a prepared statement.

"We've been providing banking services to BMO customers for over 200 years, helping them make real financial progress, expand their businesses and drive economic growth. We look forward to working with communities across our expanded U.S. footprint to help drive meaningful change at the local level through a strong combination of financial and community-driven investment," said David Casper, U.S. CEO, BMO Financial Group in a press release.

On Feb. 1, BMO completed its acquisition of Bank of the West, but the transition will take several months. BMO reported that the acquisition brings almost 1.8 million customers to BMO in 32 states, including Colorado.

On the BMO website, BMO representatives advised customers, "We expect the full transition of your deposit accounts and online banking services to BMO products and services to be completed over Labor Day weekend. Starting September 5, 2023, the name of your current branch will change to BMO and you will be able to use any of our U.S. BMO branches."

More information will be provided to Bank of the West customers in the future regarding the plan for the conversion of their accounts.

Employees of the Bank of the West branch located in Niwot declined to be interviewed regarding the acquisition.