Taylor Scott
Bank of the West was an American financial institution with over 600 branches and offices in the Midwest and Western United States. It was founded in 1874 in San Jose, California, and was owned by the French banking group BNP Paribas from 1979 until 2023. In February 2023, the Canadian banking group BMO (Bank of Montreal) completed its acquisition of Bank of the West, and the brand was retired. BMO's acquisition added nearly 1.8 million customers and expanded its presence to 32 states, making it the 8th largest bank in North America by assets.
| Characteristics | Values |
|---|---|
| Does Bank of the West still exist? | No, it has been acquired by BMO Financial Group, also known as Bank of Montreal, in February 2023. |
| Bank of the West's new name | BMO |
| Bank of the West's previous owner | BNP Paribas |
| Number of customers acquired by BMO | 1.8 million |
| Number of branches acquired by BMO | 500+ |
| Number of ATMs acquired by BMO | 42,000 |
| Number of U.S. states with BMO presence after acquisition | 32 |
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What You'll Learn
Bank of the West was acquired by BMO in 2023
The acquisition added nearly 1.8 million customers to BMO, extending its banking presence to 32 states with 500 additional branches and offices and over 42,000 ATMs. BMO became the 8th largest bank in North America by assets following the acquisition.
The Bank of the West brand was retired over the Labor Day weekend in 2023, and all accounts and branches were converted and merged into the renamed BMO Bank, N.A. by September 5, 2023. BMO stated that there would be no branch closures or layoffs as a result of the acquisition.
The transition process for customers of Bank of the West began in July 2023, with signage in the Denver metro area reflecting the acquisition. Customers were advised to bookmark the transition page on BMO's website for up-to-date information and were assured that their account numbers and login information would remain the same.
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The Bank of the West brand was retired
Following the acquisition, BMO announced that it would be absorbing Bank of the West into its U.S. subsidiary, BMO Harris Bank. Over the Labor Day weekend, all accounts and branches from both subsidiaries were converted and merged into the renamed BMO Bank, N.A. by September 5, 2023. The combined company now has more than 1,000 branches and 42,000 ATMs located in 32 U.S. states.
BMO has stated that it plans to continue serving the communities where Bank of the West was previously located and that no branch closures or layoffs are planned as a result of the acquisition. BMO is now the 8th largest bank in North America by assets and has a strong position in three of the top five U.S. markets.
The retirement of the Bank of the West brand marks the end of an era for the financial institution, which was founded in 1874 in San Jose, California, as the Farmers National Gold Bank of San Jose. Over the years, Bank of the West grew and expanded through various acquisitions and mergers, until its eventual acquisition by BMO in 2023.
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BMO is now the 8th largest bank in North America
Bank of the West was an American financial institution headquartered in San Francisco, California. It was founded in 1874 in San Jose, California, as the Farmers National Gold Bank of San Jose. In 1970, Banque Nationale de Paris (BNP) established the French Bank of California. In the same decade, the First National Bank of San Jose changed its name to Bank of the West. In 1979, BNP bought Bank of the West and merged it with the French Bank of California. Over the years, Bank of the West expanded by acquiring several other banks and branches.
In 2023, Bank of the West was acquired by BMO, also known as Bank of Montreal. With this acquisition, BMO has become the 8th largest bank in North America by assets. BMO's acquisition of Bank of the West brought nearly 1.8 million customers to BMO and extended its banking presence through more than 500 additional branches and commercial and wealth offices in key U.S. growth markets. BMO now has a footprint in 32 states and a strong position in three of the top five U.S. markets.
The acquisition of Bank of the West by BMO was completed in February 2023, and the Bank of the West brand was absorbed into the global BMO brand later that year. The combined company now has more than 1,000 branches and 42,000 ATMs located in 32 U.S. states. BMO has committed to spending $41.5 billion within underserved communities through its "Community Benefits Plan," which includes initiatives such as home mortgage lending support, small business lending, and community development loans and investments.
BMO, or Bank of Montreal, has a long history dating back to its founding in 1882 as N.W. Harris & Co. by Norman Wait Harris. Over the years, the bank grew through a series of acquisitions, expanding its presence in the U.S. and increasing its market share. BMO is now a highly diversified financial services provider, offering a broad range of personal and commercial banking, wealth management, and investment banking products and services to more than 12 million customers. With total assets of $949 billion as of October 31, 2020, BMO has established itself as a leading financial institution in North America.
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BMO has a footprint in 32 states
Bank of the West was an American financial institution headquartered in San Francisco, California. It was founded in 1874 in San Jose, California, as the Farmers National Gold Bank of San Jose. In February 2023, the Canadian banking group Bank of Montreal (BMO) completed the acquisition of Bank of the West. The Bank of the West brand was retired, and all accounts and branches were converted and merged into the renamed BMO Bank, N.A.
BMO Financial Group has now completed its acquisition of Bank of the West from BNP Paribas. The acquisition of Bank of the West adds nearly 1.8 million customers to BMO, extending its banking presence with 500 additional branches and offices. BMO is now the 8th largest bank in North America by assets. It has a footprint in 32 states, serving 4 million customers. BMO offers personal and commercial banking, wealth management, and capital market capabilities that extend nationally.
BMO's acquisition of Bank of the West brings together two leading financial institutions, combining BMO's strong presence in the Midwest and East Coast with Bank of the West's strong presence in the West and Southwest. The combined company will have more than 1,000 branches and 42,000 ATMs located in 32 U.S. states.
BMO has a strong history of serving customers in the United States, dating back to the early 1900s. It has grown rapidly over the years through a series of acquisitions and now has a significant presence across the country. BMO is committed to continuing to build a leading North American bank that serves the needs of its customers, employees, communities, and the planet.
BMO has a strong presence in several states, including Colorado, where it is one of the largest banks with 68 branches. It also has notable buildings in Milwaukee (BMO Harris Financial Center) and Indianapolis (BMO Plaza). BMO is the second-largest Chicago-area bank based on market share, behind JPMorgan Chase, and it is the issuer of Diners Club cards in the United States.
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BMO committed to spending $41.5 billion within underserved communities
Bank of the West was an American financial institution headquartered in San Francisco, California. It was founded in 1874 in San Jose, California, as the Farmers National Gold Bank of San Jose. In February 2023, the Canadian banking group Bank of Montreal (BMO) completed the acquisition of Bank of the West, absorbing it into its U.S. subsidiary BMO Harris Bank. As a result, the Bank of the West brand was retired, and all accounts and branches were merged into the renamed BMO Bank, N.A.
BMO has committed to spending $41.5 billion within underserved communities as part of its Community Benefits Plan. This plan is one of the largest of its kind relative to BMO's size and outlines commitments to local communities across its expanded footprint in the United States. The five-year plan includes various initiatives to promote economic growth and provide greater access to capital for underserved communities.
One key initiative is the allocation of $16.5 billion for small business lending, with a focus on supporting women, Black, Latinx, and Native American-owned businesses. Additionally, BMO has committed to providing $17.5 billion in community development loans and investments, including $12 billion in lending for affordable housing and economic development, and $3 billion in investments in low-income housing and new market tax credits.
The plan also includes $7.5 billion in home mortgage lending support, with more than 75% targeted towards people and communities of color. BMO will launch a new Welcome Home Grant program in San Francisco and San Jose, providing over $125 million in home mortgage lending. Furthermore, the Community Benefits Plan will allocate over $15 billion in small business and home mortgage lending to minority borrowers or communities, and $325 million in special purpose credit programs for women and borrowers of color.
BMO's commitment to underserved communities is a continuation of its previous initiatives, such as the BMO EMpower initiative, which aimed to advance inclusive economic recovery and drive meaningful change towards racial equity in the United States.
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Frequently asked questions
No, Bank of the West was acquired by the Canadian banking group BMO, also known as Bank of Montreal, in February 2023.
Bank of the West was purchased by BMO from BNP Paribas, a French multinational bank, in a deal valued at $16.3 billion.
The acquisition of Bank of the West added nearly 1.8 million customers to BMO and expanded its presence with 500 additional branches and offices in key US growth markets.
BMO provided Bank of the West customers with information on how the combined bank would serve them, including the plan for the conversion of their accounts. Customers continued to be served through their respective bank branches, websites, and mobile applications until the conversion of the banks' systems in September 2023.
