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The lender said Tuesday the expansion will increase its California presence by about 50 per cent, adding to its existing network of 220 in the state over the next five years. BMO also plans to open an additional 15 branches in Arizona during the same period. (The Logic)
Talking point: The move advances BMO’s plan to deepen its presence in the western United States. In October, the bank said it would sell 138 branches to First Citizens Bank and reinvest in higher-performing regions. The new push also builds on BMO’s US$13.8 billion acquisition of San Francisco-based Bank of the West in 2023, which significantly expanded its U.S. business. BMO’s U.S. commercial banking division helped drive first-quarter earnings, and the bank is working to improve its profitability south of the border. CEO Darryl White said at RBC’s CEO conference in January that BMO is “90 per cent through” its U.S. optimization program and expects it to be “effectively complete” in the second quarter of this year.
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