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BMO to shut 24 U.S. branches after M&I deal

Bank of Montreal (BMO-T) is closing 24 U.S. branches as it consolidates its operations following last year's $4.1 billion US takeover of Wisconsin lender Marshall & Ilsley, a spokesman said on Monday.

The closures, 17 of which are in Wisconsin, will affect 130 employees and are mostly due to overlap between M&I branches and BMO's existing Harris Bank network, said Jim Kappel, head of media relations at BMO Harris Bank.

One of the closures is not related to the acquisition, he said.

BMO, Canada's No. 4 bank, acquired M&I last July in a deal that doubled its U.S. branch count.

Following the closures, BMO Harris will have 636 branches, said Kappel. BMO's Canadian branch network numbers more than 900, according to the bank. CTV Two CTV News CTV News Channel BNN - Business News Network CP24