BMO is expecting the deal to bring it 1.8 million new customers when it closes at the end of the year. Read more.
The board of governors of the Federal Reserve System and the Office of the Comptroller of the Currency heard from executives from both banks, as well as community groups such as the California Reinvestment Coalition, as part of the review process under the Bank Holding Company Act and the Bank Merger Act.
“We believe the merger of BMO Harris Bank and Bank of West is an opportunity to create a stronger bank that will greatly benefit the customers and communities of both institutions,” Casper said.Article content Casper said when combined, the banks will have less than three per cent of the deposit share in California and, with almost no overlap in their footprints, “no negative impact on competition.” He said BMO has committed to obtain all Bank of the West frontline branch employees and no branch closures.the deal to bring it 1.8 million new customers when it closes at the end of the year.
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