BMO Bank
 Logo used since 2023 rebranding | |
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | Harris Bank |
| Founded | January 1, 1882 in Chicago, Illinois, U.S. |
| Founder | Norman Wait Harris |
| Headquarters | Chicago , United States |
Area served | United States (Illinois, Iowa, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, Florida, California) |
| Products | Banking services, credit cards (including Diners Club) |
| Owner | Bank of Montreal |
| Parent | BMO Financial Corporation |
BMO Bank, N.A. (commonly known as BMO; ) is a nationally chartered bank in the United States, with its headquarters located in Chicago, Illinois. It functions as a subsidiary of the Canadian multinational financial institution and investment bank Bank of Montreal, controlled through its holding entity BMO Financial Corporation (previously known as Bankmont Financial Corporation and later Harris Financial Corporation). As of , it was ranked as the 15th largest U.S. bank by total assets.
The bank’s origins trace back to 1882 in Chicago when it was founded as N.W. Harris & Co. by Norman Wait Harris. It adopted the name Harris Trust and Savings Bank in 1907 and was later shortened to Harris Bank in 1972. Following its acquisition by Bank of Montreal in 1984, the institution was rebranded as BMO Harris Bank by 2011. Under BMO’s ownership, the bank broadened its presence across the United States through a series of acquisitions, including Suburban Bancorp in 1994, Marshall & Ilsley in 2011, and Bank of the West in 2023. After merging with Bank of the West, the bank phased out the "BMO Harris Bank" brand in favor of the unified global "BMO" brand consistent with its parent company’s identity.
History
In 1882, Norman Wait Harris established N.W. Harris & Co., a Chicago-based firm specializing in municipal bond brokerage, which eventually transformed into Harris Bank. The institution became Harris Trust and Savings Bank in 1907, merged with Chicago National Bank in 1960, and was reorganized as Harris Bank, N.A. in 1972. In 1984, Bank of Montreal (BMO Financial Group) took ownership of Harris.
The bank grew substantially through acquisitions: First National Bank of Barrington (1985), State Bank of St. Charles and First National Bank of Batavia (1988), along with Libertyville Federal Savings Bank and Frankfort Bancshares (1990). In 1994, Harris Bankcorp merged with Suburban Bancorp and subsequently acquired 54 branches from Household Bank across Chicago in 1996. The brokerage firm Burke, Christensen & Lewis combined with Harris Investors Direct to create Harris InvestorLine in 1999.
Additional acquisitions followed: Freeman Welwood (2000); Village Bank of Naples, Century Bank (Arizona), and First National Bank of Joliet (2001); Northwestern Trust and Investors Advisory Company based in Seattle (2002). That same year, InvestorLine merged with CSFBdirect to form Harrisdirect, incorporating online client accounts from Morgan Stanley Individual Investor Group and myCFO. In 2003, the bank acquired Sullivan, Bruyette Speros & Blayney Incorporated; later purchases included Lakeland Community Bank and Villa Park Trust and Savings Bank in 2005.
BMO's acquisition activity continued with First National Bank & Trust located in Kokomo, Indiana (2007); Ozaukee Bank from Cedarburg, Wisconsin and Merchant and Manufacturers Bankcorp Inc. based in New Berlin, Wisconsin (2008); followed by Amcore Bank N.A. from Rockford, Illinois (2010).
On December 17, 2010, BMO reached an agreement to acquire Milwaukee-based Marshall & Ilsley Corporation for around US$4.1 billion. The combined entities—Marshall & Ilsley and Harris Bankcorp—were rebranded as BMO Harris, with integration finalized by July 5, 2011.
In December 2015, BMO Harris expanded further by acquiring General Electric Capital Corp.'s transportation finance division.
By mid-2018, BMO commanded the second-largest deposit market share in Chicago at 11.5%, operating across eight states within the U.S. through its BMO Harris subsidiary.
In December 2021, BMO announced plans to acquire Bank of the West from BNP Paribas for $16 billion to merge it with BMO Harris Bank, effectively doubling its U.S. operational footprint. The transaction closed in February 2023; subsequently, it was announced that the Bank of the West brand would be retired by September 2023 to unify under the global BMO brand. Simultaneously, BMO Harris Bank revealed intentions to discontinue using the "BMO Harris" name post-integration and operate primarily under "BMO Bank N.A."
Operations
BMO stands as one of the foremost financial institutions in the Midwest, with a network exceeding 600 branches and roughly 1,300 ATMs distributed throughout Illinois, Iowa, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, Florida, and California. It holds the position of the second-largest bank in the Chicago metropolitan area by market share, trailing only JPMorgan Chase, and ranks as the second-largest U.S. division of a Canadian banking entity after TD Bank, N.A. (a subsidiary of Toronto-Dominion Bank). Additionally, BMO serves as a U.S. issuer of Diners Club credit cards.
Headquarters
BMO’s main offices were located within a trio of buildings situated in Chicago's Loop. The initial structure—a 21-story edifice at 119 West Monroe Street—dates back to 1910. Its entrance is adorned with two lion bas-reliefs that inspired the bank’s emblem and its mascot, Hubert the Lion. Later expansions included two modern towers designed by Skidmore, Owings and Merrill, constructed in 1960 and 1974 at 111 West Monroe and 115 South LaSalle Street respectively; the bank’s official address corresponds to the 1960 building.
In December 2018, BMO revealed plans to move into 14 floors of a newly constructed 50-story office tower adjacent to Chicago Union Station. This new location, known as the BMO Tower, opened its doors in 2022.
Other significant BMO properties include the BMO Harris Financial Center located at 770 North Water Street in Milwaukee and BMO Plaza in Indianapolis. In 2017, construction commenced on a 25-story tower near its Milwaukee headquarters with occupancy anticipated around December 2019. That year also saw BMO sell its previous 20-story Milwaukee facility to real estate developer Irgens for purposes of redevelopment and leasing.
Naming rights and sponsorships
BMO possesses corporate naming rights for several venues:
- BMO Stadium in Los Angeles, California
- BMO Center in Rockford, Illinois
- BMO Pavilion at Summerfest in Milwaukee — an official sponsor of Summerfest
The bank supports numerous sports teams as official sponsors:
- Chicago Blackhawks — Official bank partner
- Chicago Bulls — Official bank partner
- Chicago White Sox — Official partner
- Los Angeles FC — Official bank and jersey sponsor
- Milwaukee Bucks — Official bank partner
- Minnesota Wild — Official partner
- Rockford IceHogs (AHL affiliate of Chicago Blackhawks) — Official bank sponsor
- Wisconsin Badgers Athletics — Official partner of UW-Madison Badgers
See also
- Harris, Hall & Co., securities affiliate established in 1934 and acquired by Dean Witter & Co. in 1953
- Harris, Forbes & Co., securities affiliate founded in 1911 and purchased by Chase Manhattan Bank in 1930