BMO’s $16.3 Billion Bank of the West Deal Wins US Regulatory Nod
- Merger will create 15th largest lender in the US, Fed says
- The OCC also said it green-lit the combination on Tuesday
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Bank of Montreal has received approval from the Federal Reserve to acquire San Francisco-based Bank of the West, a combination that will create the 15th-largest US lender.
After the transaction, Bank of Montreal US subsidiary BMO Financial Corp. will have consolidated assets of $286.8 billion, about 1% of those held by insured depository institutions in the US, according to the Fed. The bank’s entire US segment, which includes other subsidiaries, may have about $424 billion in assets after the closing, the firm said in a presentation when the deal was announced.