BMO is considering selling US branches following its Bank of the West deal
Bank of Montreal (BMO) has begun exploring the sale of certain US branches holding approximately $6 billion (US) in deposits, according to a report by the Wall Street Journal.
The Canadian lender, which expanded its US footprint last year through the $16.3 billion acquisition of Bank of the West, is now reportedly looking to streamline its presence, particularly in states such as Wyoming and the Dakotas.
The move comes as BMO continues to integrate its Bank of the West acquisition, which added nearly 2 million customers, 500 retail branches, and commercial and wealth offices across the Midwest and Western United States.
It’s not unusual for banks to close or sell some locations after making a big acquisition, as lenders adapt to changing customer preferences and digital banking adoption.
After acquiring Commerce Bancorp for $8.5 billion, TD Bank undertook a review of its US branch network. The bank closed or consolidated overlapping branches, particularly in markets where both TD and Commerce had a presence, to streamline operations and reduce redundancy.
Earlier this year, TD Bank announced plans to close 38 branches in 10 states and Washington, DC to streamline its operations.
Meanwhile, after acquiring BBVA USA for $11.6 billion, PNC announced it would close about 200 branches—including both BBVA and PNC locations—mainly in overlapping markets, as part of its integration and focus on digital banking.
A source familiar with the process said BMO has launched a sales process, but the plans aren’t final, and the sales may not happen. The branches could be sold together or in clusters, and loans may be included in the transaction, the source added.
Beyond branch sales, BMO has remained active in M&A, announcing in June that it agreed to acquire Burgundy Asset Management for $625 million, a deal expected to close by the end of 2025.
The bank also rolled out new offerings in partnership with Mastercard in 2025, including a travel rewards card and expanded money transfer services.
BMO, headquartered in Toronto and Montreal, is one of Canada’s largest financial institutions, serving over 12 million customers globally through retail banking, wealth management, and capital markets.
In Q3 2025, BMO reported a net income of $2,330 million, an increase of 25% from $1,865 million.
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