BMO Financial acquires Amcore from FDIC
On April 23, BMO Financial Group announced that it has acquired Rockford, Ill.-based Amcore Bank N.A. in a deal with the U.S. Federal Deposit Insurance Corp. Financial terms of the deal for the failed U.S. bank were not immediately available, but BMO said the agreement was not material to earnings.
Amcore’s 52 branches reopened under BMO’s Harris Bank banner on April 24.
“This is a perfect strategic fit that accelerates our growth strategy and reinforces our already strong position in the U.S. Midwest,” said Bill Downe, president and CEO of BMO Financial Group.
Under the deal, BMO will assume approximately US$2.1 billion in deposits and acquire roughly $2.5 billion in assets, including approximately $2 billion in loans.
Bank of Montreal’s Harris Bank unit is a key player in the Chicago-area markets and other parts of the U.S. Midwestern states.
