BMO Financial Group has finalized the sale of 138 branches in the United States to First Citizens Bank & Trust Co. The transaction is part of BMO’s strategy to streamline its U.S. Operations and focus on markets with long-term growth potential. The branches sold are located in various states across the country, though specific locations were not disclosed.
The deal marks a significant step in BMO’s efforts to adjust its presence in the U.S. Financial sector. By divesting these branches, the bank aims to concentrate resources on areas where it can better serve its customers and achieve sustainable growth. First Citizens Bank, a regional bank based in North Carolina, has been expanding its footprint in the U.S. Through acquisitions.
The sale is expected to reduce operational costs for BMO while allowing it to refocus on core markets. The transaction also reflects broader trends in the banking industry, where consolidation and strategic reallocation of assets are becoming more common. No details were provided on the financial terms of the deal.
The move comes amid ongoing changes in the U.S. Banking landscape, influenced by regulatory pressures and evolving customer needs. BMO has not announced any immediate plans for the affected branches or their former employees.
