First Citizens Bank to Acquire 138 BMO Branches

By Tamara Parker • Thursday, October 16 15:42 • Permanent Link

First Citizens Bank has announced its agreement to acquire 138 branches from BMO Bank N.A., marking a significant step in the bank's national expansion efforts. This acquisition spans 11 states and includes branches in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho, western Minnesota, eastern Oregon, and southern Illinois. The transaction involves assuming approximately $5.7 billion in deposit liabilities and acquiring approximately $1.1 billion in loans.

Frank B. Holding, Jr., Chairman and CEO of First Citizens Bank, expressed enthusiasm about the expansion, highlighting the opportunity to bring the bank's client-centered approach to new markets. The acquisition is expected to enhance the bank's liquidity position and provide flexibility to support its operations. Hope Holding Bryant, Vice Chairwoman and Head of First Citizens, emphasized the bank's commitment to delivering high-touch service, banking products, and deep sector expertise to clients and communities nationwide.

This move aligns with First Citizens Bank's strategic focus on offering general banking services, commercial banking expertise, innovation banking for businesses at every stage, and a nationwide direct bank for personal savings. Until the transaction is completed, BMO Bank customers are advised to continue banking as they normally do, using their existing checks, cards, branches, and online account access. The market has reacted to these announcements by moving the company's shares -2.34% to a price of $1746.26. For the full picture, make sure to review FIRST CITIZENS BANCSHARES INC /DE/'s 8-K report.

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