BMO Bank

Historical Origins and Development

The institution that would become BMO Bank was founded in Chicago in 1882 by Norman Wait Harris as N.W. Harris & Co., a municipal bond brokerage firm. The firm was formally established as Harris Trust and Savings Bank in 1907, marking its official entry into the banking sector. Over the subsequent decades, the bank grew through mergers, including one with Chicago National Bank in 1960, and was restructured as Harris Bank, N.A. in 1972. A major change in its history occurred in 1984 when the Canadian Bank of Montreal, later known as BMO Financial Group, acquired controlling interest in Harris Bank. This acquisition provided the capital and strategic direction for a prolonged period of expansion, primarily through the acquisition of numerous smaller banks and financial institutions across the American Midwest. The bank's growth under Canadian ownership began with the purchase of the First National Bank of Barrington in 1985, followed by the State Bank of St. Charles and First National Bank of Batavia in 1988.

Expansion and Major Acquisitions

Under Bank of Montreal's ownership, the bank began a sustained acquisition strategy to build its regional presence. The bank merged with Suburban Bancorp under the Harris name in 1994 and significantly expanded its branch network by acquiring 54 Chicago-area branches from Household Bank in 1996. The acquisition strategy extended into wealth management and brokerage services with the merger that formed Harris InvestorLine in 1999 and purchases like Freeman Welwood in 2000 and First National Bank of Joliet in 2001. Further acquisitions included Northwestern Trust and Investors Advisory Company of Seattle in 2002 and Sullivan, Bruyette Speros & Blayney Incorporated in 2003. The bank continued to purchase community banks, such as Lakeland Community Bank in Round Lake and Villa Park Trust and Savings Bank in 2005, followed by First National Bank & Trust of Kokomo, Indiana in 2007.

A major transformation occurred in 2011 when Bank of Montreal acquired Milwaukee-based Marshall & Ilsley Corporation in an all-stock deal valued at approximately $4.1 billion, an agreement announced in December 2010. This merger led to the rebranding of both Harris and Marshall & Ilsley under the unified BMO Harris Bank name and a corporate restructuring as BMO Bankcorp. The company also completed its acquisition of General Electric Capital Corp.'s transportation finance business in 2015. By June 2018, the BMO Harris division was operating in eight US states and was the bank with the second-most deposits in Chicago, holding an 11.5% market share. The most significant expansion in the bank's history was finalized in February 2023 with the completion of Bank of Montreal's acquisition of Bank of the West from BNP Paribas, a deal agreed to in 2021. This transaction more than doubled BMO's presence in the United States, adding a strong network in California and other western states. Coinciding with this merger, the bank announced the retirement of the BMO Harris Bank brand in favour of the global BMO master brand used by its Canadian parent, aligning its U.S. operations under the BMO Bank N.A. identity.

Operations and Market Position

BMO Bank operates as a full-service financial institution providing retail, commercial, and wealth management services. Its network comprises over 600 branches and approximately 1,300 automated teller machines across ten states: Illinois, Wisconsin, Indiana, Iowa, Kansas, Missouri, Minnesota, Arizona, Florida, and California. The bank holds a prominent position in several key markets, most notably in the Chicago area where it is the second-largest bank by deposit market share, trailing only JPMorgan Chase. Nationally, it ranks as the 15th largest bank in the United States by total assets as of March 2024. Among U.S. subsidiaries of Canadian banks, BMO Bank is the second largest, following TD Bank, N.A. A distinctive aspect of its operations is its role as the exclusive issuer of Diners Club credit cards in the United States. The bank's operations also include the legacy transportation finance business acquired from General Electric Capital Corp. in 2015.

Corporate Headquarters and Major Offices

For over a century, the bank's headquarters were located in a complex of three buildings in Chicago's Loop neighbourhood at 111 West Monroe Street. The original 21-story structure was built in 1910 at 119 West Monroe Street, and its entrance is flanked by two bas-relief sculptures of lions. These lions inspired various iterations of the bank's logo until 2011, along with the bank's mascot character, Hubert the Lion. A 23-story addition was constructed to the east in 1960 with the address of 111 West Monroe, and a second 38-story tower was added to the west in 1974 at 115 South LaSalle Street. Both additions were designed by the architectural firm of Skidmore, Owings and Merrill and are in the modern style. In December 2018, the bank announced it would move its headquarters to 14 floors of a new 50-story office tower adjacent to Chicago Union Station. The new BMO Tower opened in 2022 and now serves as the bank's primary headquarters. Beyond Chicago, the bank maintains significant operational hubs, including the BMO Harris Financial Center at 770 North Water Street in Milwaukee, Wisconsin, and BMO Plaza in Indianapolis, Indiana. In 2017, the bank began construction of a new 25-story BMO Tower at North Water and East Wells streets in Milwaukee, adjacent to its existing headquarters there, expecting to occupy 123,000 square feet starting in December 2019. In August 2017, BMO sold the 20-story structure it then occupied in Milwaukee to the real estate firm Irgens, which planned to remodel and lease the building.

Community Presence and Sponsorships

BMO Bank maintains a visible community presence through corporate naming rights and sponsorships, primarily in its key operational markets. The bank holds naming rights to several prominent venues, including BMO Stadium, a soccer-specific stadium in Los Angeles, California, and the BMO Center, a convention and events centre in Rockford, Illinois. In Milwaukee, it is the title sponsor of the BMO Pavilion, a major stage at the city's annual Summerfest music festival, for which BMO is also an official sponsor. These sponsorships align with the bank's strategy to embed its brand in community and cultural landmarks across its geographic footprint. The sponsorship of Summerfest and its pavilion connects the bank directly with one of the United States' largest music festivals, reinforcing its commitment to local cultural institutions.

Key Acquisitions Timeline

The growth of BMO Bank in the United States can be traced through a long series of acquisitions. This pattern began soon after the Bank of Montreal acquired control of the bank in 1984. The bank grew rapidly through acquisitions like First National Bank of Barrington in 1985 and Suburban Bancorp in 1994. Major acquisitions continued with Marshall & Ilsley in 2011 and Bank of the West in 2023. Each transaction added branches, assets, or specialized capabilities to build the bank's current footprint from its base in Chicago.

• 1984: Bank of Montreal acquires control of Harris Bank.
• 1994: Harris Bankcorp merges with Suburban Bancorp.
• 1996: Acquires 54 Chicago area branches from Household Bank.
• 2010/2011: Bank of Montreal acquires Marshall & Ilsley Corporation, leading to the creation of BMO Harris Bank.
• 2015: Completes acquisition of General Electric Capital Corp.'s transportation finance business.
• 2023: Completes acquisition of Bank of the West, retiring the BMO Harris brand for the unified BMO brand.

This pattern of growth transformed a regional Midwestern bank into a coast-to-coast financial institution. The acquisition of Bank of the West in February 2023 gave BMO Bank a major presence in California. This acquisition was the largest single expansion and at least doubled the bank's U.S. presence. It fundamentally changed the scale of the bank's U.S. operations from its previous regional focus.

Key Historical Affiliates

Throughout its long history, the bank established several securities affiliates that operated separately from its core banking functions. Harris, Forbes & Co. was established as a securities affiliate in 1911. Following the passage of the Glass-Steagall Act, Harris, Hall & Co. was established as a securities affiliate in 1934. These affiliates played significant roles in the early American investment landscape. They were eventually sold to other major financial firms like Chase Manhattan Bank and Dean Witter & Co.

The histories of these affiliates illustrate the bank's early involvement in the broader securities and investment banking markets. Harris, Forbes & Co. was acquired by Chase Manhattan Bank in 1930. Harris, Hall & Co. was acquired by Dean Witter & Co. in 1953. These sales marked the end of this particular chapter in the institution's business model. The bank later focused primarily on commercial banking under its ownership by the Bank of Montreal.

Questions about BMO Bank

Is BMO Bank a Canadian or American bank?

BMO Bank, N.A. is an American national bank headquartered in Chicago. It is, however, a wholly owned subsidiary of the Canadian Bank of Montreal (BMO Financial Group). This means it operates under U.S. banking regulations and serves American customers, but its ultimate parent company and majority owner is based in Canada. The bank is part of BMO Financial Group's North American platform, which includes extensive operations in both countries.

What states does BMO Bank operate in?

Following its merger with Bank of the West, BMO Bank now operates branches in ten U.S. states. Its footprint spans from the Midwest to the West Coast, including Illinois, Wisconsin, Indiana, Iowa, Kansas, Missouri, Minnesota, Arizona, Florida, and California. This network represents a significant coast-to-coast presence built through decades of acquisitions. The addition of California was a direct result of the 2023 Bank of the West acquisition, which added hundreds of branches in that state alone.

Where is BMO Bank's headquarters?

BMO Bank's headquarters are located in Chicago, Illinois. In 2022, the bank moved into its new primary office in the BMO Tower, a 50-story skyscraper adjacent to Chicago Union Station. Prior to this, its headquarters had been in a complex of buildings in Chicago's Loop neighbourhood for over a century, with the official address at 111 West Monroe Street. The original building from 1910 featured lion sculptures that became a lasting symbol for the bank.

When did BMO Harris Bank change its name to BMO?

BMO Harris Bank announced the retirement of its name in favour of the global BMO brand coinciding with the completion of the Bank of the West merger in February 2023. This change was implemented to unify the U.S. operations under the master brand of its Canadian parent company, Bank of Montreal. The institution now primarily conducts business as BMO Bank N.A. The BMO Harris brand had been established in 2011 following the merger of Harris Bankcorp and Marshall & Ilsley Corporation. This rebranding marked the final step in consolidating the bank's identity under the single BMO banner.

What was the bank's original name?

The bank's original name was N.W. Harris & Co., a municipal bond broker established in Chicago in 1882 by Norman Wait Harris. This firm was the direct forerunner of the later bank. It was formally chartered as a bank under the name Harris Trust and Savings Bank in 1907. The institution was later restructured as Harris Bank, N.A. in 1972. The Harris name remained central to its identity for over a century until its acquisition by Bank of Montreal in 1984 and subsequent rebranding phases.

Sources and further reading

• BMO Bank (Wikipedia)
• Bank of Montreal (BMO Financial Group) (ebsco.com)

Checked by the Yadude Books desk. Last updated 2026-11-01.