First Citizens Bank Acquires 138 Branches from BMO Bank N.A.

By Philip Seaworth • Thursday, October 16 12:10 • Permanent Link

First Citizens Bank announced its agreement to acquire 138 branches from BMO Bank N.A., located in 11 states across the Midwest, Great Plains, and West regions of the U.S. This acquisition will see First Citizens Bank assume approximately $5.7 billion in deposit liabilities and acquire approximately $1.1 billion in loans. The net deposit position from this acquisition is expected to enhance the bank's liquidity position and provide additional flexibility to support its operations.

The Chairman and CEO of First Citizens Bank, Frank B. Holding, Jr., expressed enthusiasm about the opportunity to expand into new markets and offer their client-centered approach in these regions. The bank also looks forward to serving individuals and business clients in these new areas.

Additionally, Hope Holding Bryant, Vice Chairwoman and Head of First Citizens, emphasized the commitment to bringing high-touch service, banking products, and deep sector expertise to clients and communities nationwide.

First Citizens Bank offers a range of general banking services, commercial banking expertise, innovation banking, and a nationwide direct bank for personal savings.

The press release also states that until the transaction closes, BMO Bank customers should continue to bank as they normally do, using their existing checks, cards, branches, and online account access. Following these announcements, the company's shares moved -2.34%, and are now trading at a price of $1746.26. If you want to know more, read the company's complete 8-K report here.

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