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Bank of Montreal
Bank of Montreal (BMO), Canada’s fourth- largest lender by assets, will close 24 U.S. branches as it continues integrating its C$4.1 billion ($3.98 billion) takeover of Marshall & Ilsley Corp.
The lender will close 17 BMO Harris Bank branches in Wisconsin, five in Indiana and one each in Illinois and Kansas, Jim Kappel, a spokesman for the Toronto-based bank, said today in a telephone interview.
“The closures are primarily due to an overlap in the network,” Kappel said. “In some instances there were branches right across the street from one another.”
Bank of Montreal (BMO) has been integrating its Chicago-based BMO Harris Bank business with M&I since completing its takeover of the Milwaukee-based lender in July. The closures, which will happen by October, affect 130 employees and the bank is working to find new positions for them, Kappel said.
Bank of Montreal (BMO) has announced the closing of 43 branches since completing its M&I takeover, with 20 of those already under way prior to the acquisition, Kappel said.
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