BMO Completes Sale of 138 U.S. Branches to First Citizens Bank

BMO closes the sale of 138 U.S. branches to First Citizens Bank as it refocuses its U.S. network on higher-growth, higher-engagement markets.

Rhea-AI Summary

BMO Financial Group (BMO) has completed the sale of 138 U.S. branches to First-Citizens Bank & Trust Company (First Citizens Bank) as of September 4, 2026.

The divested branches are in eight states, plus select locations in Minnesota, Oregon, and Illinois. BMO said the transaction supports its strategy to optimize its U.S. financial center network and redeploy capital and resources to markets with stronger client engagement and long-term growth potential.

Positive

• 138 U.S. branches sold to First Citizens Bank, simplifying BMO’s U.S. network
• Deal allows BMO to redeploy capital and resources toward markets it views as having stronger client engagement and growth potential

Negative

• Sale of 138 branches reduces BMO’s physical presence in several U.S. states
• No financial terms or impact metrics disclosed, limiting investor visibility into valuation and earnings effects

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO and CHICAGO, Sept. 4, 2026 /PRNewswire/ -- BMO Financial Group (TSX: BMO) (NYSE: BMO) today announced the completion of the sale of 138 branches to First-Citizens Bank & Trust Company ("First Citizens Bank").

As previously announced, the branches are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho, as well as select branches in Minnesota, Oregon, and Illinois.

The transaction supports BMO's strategy to optimize its U.S. financial center network and redeploy capital and resources to markets with strong client engagement and long-term growth potential.

About BMO Financial Group 
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of July 31, 2026. Serving clients for more than 200 years, BMO provides a broad range of personal and commercial banking, wealth management, global markets, and investment banking products and services across Canada, the United States, and select markets globally. BMO is innovating for business value, by deploying and integrating human, digital and artificial intelligence to personalize client experiences, augment teams, and automate its business responsibly. Driven by its purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.

View original content:https://www.prnewswire.com/news-releases/bmo-completes-sale-of-138-us-branches-to-first-citizens-bank-302869987.html

SOURCE BMO Financial Group

FAQ

What did BMO (BMO) announce about its U.S. branches on September 4, 2026?

BMO announced the completion of the sale of 138 U.S. branches to First-Citizens Bank & Trust Company. The transaction is presented as part of BMO’s strategy to optimize its U.S. financial center network and refocus resources on higher-growth markets.

How many BMO branches were sold to First Citizens Bank and where are they located?

BMO sold 138 branches to First Citizens Bank. The branches are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, and Idaho, plus select locations in Minnesota, Oregon, and Illinois.

Why did BMO sell 138 U.S. branches to First Citizens Bank?

BMO said the sale supports its strategy to optimize its U.S. financial center network and redeploy capital and resources to markets that show stronger client engagement and long-term growth potential.

Does BMO disclose financial terms for the sale of 138 branches to First Citizens Bank?

The announcement does not disclose financial terms for the sale of the 138 U.S. branches. It focuses on the completion of the transaction, the locations involved, and BMO’s stated strategic rationale.