Bank of the West was a bank of San Francisco, California, that BMO acquired in 2023. According to a Federal Reserve Board press release of January 17, 2023, the Board approved the application by Bank of Montreal and BMO Financial Corp. to acquire BancWest Holding Inc., and thereby indirectly acquire Bank of the West, both of San Francisco, California. The release said that, in connection with the approval, Bank of Montreal committed to provide the Board and the Federal Deposit Insurance Corporation with an interim update to its resolution plan reflecting the combined organization.
According to BMO's news release of February 1, 2023, BMO Financial Group and its subsidiaries BMO Financial Corp. and BMO Harris Bank N.A. completed the acquisition of Bank of the West from BNP Paribas that day. The release said the acquisition brought nearly 1.8 million customers to BMO and more than 500 additional branches and commercial and wealth offices, and that until conversion of the banks' systems, then expected in early September 2023, customers would continue to be served through their respective BMO and Bank of the West branches, websites and mobile applications. BMO's Annual Information Form dated December 5, 2024 states that BMO announced a definitive agreement with BNP Paribas to acquire Bank of the West on December 20, 2021, that BMO paid a cash purchase price of US$13.8 billion, and that the conversion of Bank of the West customer accounts and systems to BMO platforms was completed in September 2023.
Notes
- Owned by Steven Mnuchin?
References
- Bank of the West, bankofthewest.com