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Who did BMO merge with?

BMO, also known as Bank of Montreal and previously called BMO Harris, purchased the San Francisco-based Bank of the West, from BNP Paribas, a French multi-national bank in a deal valued at $16.3 billion. The combined companies will have more than 1,000 branches and 42,000 ATMs located in 32 U.S. states.

What banks are regulated by the Federal Reserve?

State Banks The Federal Reserve Board supervises state-chartered banks that are members of the Federal Reserve System.

What is BMOs new name?

On Sunday, September 3, 2023, BMO will be changing our legal entity name in the United States from BMO Harris Bank N.A. to BMO Bank N.A. We are also in process of rebranding from BMO Harris Bank and BMO Harris to BMO, with an updated logo.

What is the BMO controversy?

Bank of Montreal. subsidiary BMO Harris Bank must pay more than $1 billion in total damages, including hundreds of millions of dollars in interest, following a jury verdict that found the bank aided and abetted a Ponzi scheme conducted by convicted fraudster Thomas Petters and his associates.

Who took over BMO Harris Bank?

Coinciding with the Bank of the West merger, BMO announced that it would retire the BMO Harris Bank brand in favor of the global BMO brand of its Canadian parent company.

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Why is BMO Harris Bank changing their name?

But the Harris name is being dropped and so is Hubert, said a spokesman for whats now known as BMO Financial Group. Its because the company, whose U.S. operations remain in Chicago, has completed its $16.3 billion purchase of San Francisco-based Bank of the West and wants to simplify its branding.

Is BMO Harris a federal bank?

BMO Harris Central N.A. (BHCNA) is a direct, wholly-owned bank subsidiary of BFC, and operates as a national bank under a charter issued by the Office of the Comptroller of the Currency.

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