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B BMO Financial Group News FOR IMMEDIATE RELEASE BMO Financial Group accelerates North American growth with strategic acquisition of Bank of the West • • • Expansion to major new U.S. geographies , including highly attractive California market , a natural next step in BMO's North American growth strategy Financially compelling ; funded primarily with existing capital in BMO and Bank of the West ; transaction is immediately accretive at closing to adjusted earnings per share and drives long term growth Combination with Bank of the West will provide a highly complementary footprint and capabilities to help more consumers and businesses make real financial progress and break down barriers to economic inclusion BMO is committed to retaining front - line branch employees with no planned closure of Bank of the West branches in connection with the transaction TORONTO and CHICAGO , December 20 , 2021 - BMO Financial Group ( TSX and NYSE : BMO ) , and its indirect wholly - owned Chicago - based subsidiary BMO Harris Bank N.A. ( together , " BMO " ) , today announced the signing of a definitive agreement with BNP Paribas ( XPAR : BNP ) to acquire Bank of the West and its subsidiaries , with assets as of September 30 , 2021 of approximately C $ 135 billion ( US $ 105 billion ) . This acquisition aligns with BMO's strategic , financial and cultural objectives . Under the terms of the agreement , BMO will acquire Bank of the West for a cash purchase price of US $ 16.3 billion , or US $ 13.4 billion net of estimated US $ 2.9 billion of excess capital ( at closing ) at Bank of the West . BMO will fund the transaction primarily with excess capital reflecting its strong capital position and anticipated capital generation . Founded in 1874 , Bank of the West has a strong track record of serving retail , small business , commercial and wealth clients . With the combination of two highly complementary geographies and building upon BMO's digital , data and analytics capabilities , this acquisition enables contiguous market extension , the acceleration of BMO's commercial banking expansion , and highly competitive scaled entry into California . On closing , the acquisition will bring nearly 1.8 million customers to BMO and will further extend its banking presence through 514 additional branches and commercial and wealth offices in key U.S. growth markets . Post closing , BMO will have a strong position in 3 of the top 5 U.S. markets , a footprint in 32 states , expanded national specialty