Hailey Johnson
BMO Harris Bank is a financial institution with a strong presence in the United States, particularly in the Midwest. The bank was established through a series of acquisitions and mergers, with its roots tracing back to N.W. Harris & Co., a Chicago-based municipal bond broker founded by Norman Wait Harris in 1882. Over time, the bank evolved and rebranded, eventually becoming known as BMO Harris Bank. The BMO in the name stands for Bank of Montreal, reflecting its Canadian origins. BMO Harris Bank has expanded its reach through various acquisitions, including Marshall & Ilsley Corporation in 2010 and Bank of the West in 2023, solidifying its position as one of the largest banks in the Midwest.
| Characteristics | Values |
|---|---|
| Original Name | Bank of Montreal |
| Former Names | BMO Harris Bank, Harris Bank, N.W. Harris & Co., Harris Trust and Savings Bank |
| Current Name | BMO Bank N.A. |
| Parent Company | Bank of Montreal (BMO Financial Group) |
| Founder | Norman Wait Harris |
| Year Founded | 1882 |
| Headquarters | Chicago |
| Areas Served | Illinois, Iowa, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, Florida, California |
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What You'll Learn
BMO Harris Bank's origins
BMO Harris Bank was formed in 1984 when the Bank of Montreal (BMO) acquired Chicago-based Harris Bank. Harris Bank was founded in 1907 by Norman Wait Harris as Harris Trust and Savings Bank. It was restructured as Harris Bank, N.A. in 1972. BMO Harris Bank continued to grow through a series of acquisitions, including Suburban Bancorp in 1994 and Household Bank in 1999. In 2010, BMO purchased Marshall & Ilsley, which was amalgamated with its Harris Bank operations and rebranded as BMO Harris Bank.
In 2015, BMO Harris expanded its operations by acquiring General Electric Capital Corp.'s transportation finance business. By June 2018, BMO Harris had become the second-largest bank in Chicago by deposits, with an 11.5% market share. The bank continued to strengthen its presence in the US market by acquiring San Francisco-based Bank of the West in 2023. This acquisition doubled BMO's presence in the United States, and the integration of the two brands is expected to be completed by September 2023, with BMO Harris Bank adopting the global BMO brand.
BMO Harris Bank has a strong presence in the Midwest, with over 600 branches and approximately 1,300 ATMs across several states, including Illinois, Iowa, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, Florida, and California. The bank has notable buildings in various cities, including the BMO Harris Financial Center in Milwaukee and BMO Plaza in Indianapolis.
BMO Harris Bank has been committed to innovation and digital transformation, embracing emerging technologies such as quantum computing to enhance its services. The bank has also demonstrated a commitment to social responsibility, as evidenced by its response to an incident involving a First Nations girl and her grandfather in 2020. BMO launched an Indigenous Advisory Council and updated its internal policies to ensure more respectful and appropriate handling of similar situations in the future.
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BMO Harris Bank's parent company
BMO Harris Bank is a subsidiary of the Bank of Montreal, commonly abbreviated as BMO. The Bank of Montreal is a Canadian multinational investment bank and financial services company founded in Montreal, Quebec, in 1817 as Montreal Bank. It is the oldest bank in Canada. The bank's ticker symbol is BMO, and it is pronounced as "bee-moh". The bank has its head office in Montreal and its operational headquarters and executive offices in Toronto, Ontario. BMO has over 900 branches in Canada and more than 1000 in the United States, serving over 13 million customers globally.
The Bank of Montreal acquired Harris Bank, the forerunner of BMO Harris Bank, in 1984. Harris Bank was founded in Chicago in 1882 by Norman Wait Harris as N.W. Harris & Co., a municipal bond broker. In 1907, the company changed its name to Harris Trust and Savings Bank, and in 1972, it became Harris Bank. After the acquisition by the Bank of Montreal, the company was eventually branded as BMO Harris Bank by 2011.
BMO Harris Bank has grown through a series of acquisitions of other banks, including Suburban Bancorp in 1994, Marshall & Ilsley in 2011, and Bank of the West in 2023. In February 2023, BMO completed its acquisition of San Francisco-based Bank of the West, intending to merge it with BMO Harris Bank to double its presence in the United States. Following this merger, BMO Harris Bank announced that it would retire the "BMO Harris" brand and adopt the global "BMO" brand of its parent company, Bank of Montreal. The company will primarily do business as "BMO Bank N.A." once the integration with Bank of the West is completed in September 2023.
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BMO Harris Bank's brand retirement
BMO Harris Bank has a long history of acquisitions and mergers, with its roots going back to 1882 when Norman Wait Harris established N.W. Harris & Co., a Chicago-based municipal bond broker and the forerunner of Harris Bank. Over the years, Harris Bank underwent several restructurings and mergers, eventually becoming known as Harris Bankcorp.
In 1984, the Bank of Montreal (later known as BMO Financial Group) acquired control of Harris Bankcorp and its subsidiaries, rebranding it as BMO Harris Bank. The Bank of Montreal continued to expand through a series of acquisitions, particularly in the Chicago area, solidifying its presence in the United States.
In December 2021, BMO agreed to acquire San Francisco-based Bank of the West, intending to merge it with BMO Harris Bank. This acquisition was completed in February 2023, and it was announced that the Bank of the West brand would be absorbed into the global BMO brand by September 2023.
Coinciding with this merger, BMO Harris Bank made the strategic decision to retire the "BMO Harris" brand and align with the unified global BMO brand of its Canadian parent company, Bank of Montreal. This move is part of BMO's Digital First strategy, aiming to accelerate access to innovation and emerging technologies, such as quantum computing, to benefit its customers and stay competitive in the future of banking.
As of September 2023, BMO Harris Bank will start doing business as "BMO Bank N.A.," marking the retirement of the "BMO Harris" name and the adoption of a cohesive global brand identity under BMO. This brand retirement is a significant step in BMO's journey, allowing it to streamline its services, enhance its digital presence, and provide a unified banking experience to its customers across different markets.
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BMO Harris Bank's headquarters
BMO stands for Bank of Montreal. In 1984, the Bank of Montreal acquired Harris Bank, which was founded in 1907 by Norman Wait Harris. The combined entity was later rebranded as BMO Harris Bank.
BMO Harris Bank Headquarters
BMO Harris Bank is headquartered in Chicago, Illinois. The bank's headquarters are located in a 50-story office tower adjacent to Chicago Union Station. The new BMO Tower opened in 2022 and the bank occupies 14 floors of the building.
Prior to moving into the new BMO Tower, BMO Harris Bank was headquartered in a complex of three buildings in Chicago's Loop neighborhood. The original 21-story building was constructed in 1910 and is located at 119 West Monroe Street. The entrance to this building is flanked by two bas-relief sculptures of lions, which inspired the bank's logo and mascot, Hubert the Lion.
In addition to its headquarters in Chicago, BMO Harris Bank has notable buildings in Milwaukee (BMO Harris Financial Center) and Indianapolis (BMO Plaza). The bank also has a presence in eight states across the US and is one of the largest banks in the Midwest.
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BMO Harris Bank's name change
BMO Harris Bank is a subsidiary of the Bank of Montreal (BMO). The name BMO Harris Bank was adopted following a series of mergers and acquisitions involving the Bank of Montreal and other financial institutions.
In 1984, the Bank of Montreal acquired Harris Bank, which was established in 1907 by Norman Wait Harris as a Chicago-based municipal bond broker. Over the years, Harris Bank grew through various acquisitions and mergers, expanding its presence in the Chicago area and beyond.
In December 2010, BMO announced the purchase of Marshall & Ilsley, which was later amalgamated with its Harris Bank operations. Following this transaction, M&I Bank and Harris Bank branches were rebranded as BMO Harris Bank.
The name BMO Harris Bank was further solidified when BMO acquired General Electric Co. in September 2015 and continued to operate under the BMO Harris brand in the United States.
However, in recent years, there have been plans to retire the "BMO Harris" brand and transition to the global "BMO" brand. This change is intended to create a more unified brand presence and align with the bank's Digital First strategy.
On September 3, 2023, BMO Harris Bank N.A. officially changed its legal entity name in the United States to BMO Bank N.A., marking a significant step in the rebranding process. The bank also unveiled an updated logo as part of its efforts to create a more modern and cohesive brand image.
This name change allows BMO to present itself as a unified global brand, removing the regional distinction of "Harris" while still retaining the trust and recognition associated with the BMO name. By adopting the BMO brand, the bank can also benefit from the reputation and stability of its Canadian parent company, simplifying its brand architecture and enhancing its ability to compete in the highly competitive financial industry.
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Frequently asked questions
BMO Harris Bank stands for Bank of Montreal. The name was often shortened to BoM and the stock symbol is BMO.
BMO Harris Bank was formed in 1984 when the Bank of Montreal acquired Chicago-based Harris Bank. In 2010, BMO Harris Bank was created when the Bank of Montreal purchased Marshall & Ilsley and was amalgamated with its Harris Bank operations.
In 2023, BMO Harris Bank changed its legal entity name in the United States from BMO Harris Bank N.A. to BMO Bank N.A. The bank also announced its plan to retire the "BMO Harris Bank" brand and start using the global "BMO" brand of its Canadian parent company.
