BMO Harris Bank

BMO Harris Bank

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More info of BMO Harris Bank

Among the most important banks in the United States, we find BMO Harris Bank, a century-old institution that has had several names.

Now part of the Bank of Montreal financial group, we would like to learn a little about its beginnings in the United States and the aspects that distinguish it.

Present of BMO Harris Bank

Initially known as NW Harris & Co. (1882), this bond company became an official bank in 1907. It has always been headquartered in Chicago, Illinois, and is now considered the 22nd largest bank in the country in terms of assets.

It also has offices in Arizona, Indiana, Kansas, Florida, Missouri, Minnesota and Wisconsin.

BMO Harris Bank NA is a subsidiary of the international company Bank of Montreal and has more than 600 branches in the U.S. and 1,400 ATMs, with a staff of close to 15,000 employees.

It is ranked as one of the best entities to work for and in 2018 was awarded as one of the most ethical companies in the world. Among its services, it highlights personal and commercial banking, wealth management, business lending, capital markets investing and more.

Evolution of BMO Harris Bank

Before becoming BMO Harris Bank, this institution first agreed to a merger with Chicago National Bank in 1960, giving rise to Harris Bankorp Inc.

Despite its eventual acquisition by the Bank of Montreal in 1984, this entity would not change its name until after 2005, with the unification of the recognized Canadian brand.

In terms of expansion, this purchase was a major step for the Bank of Montreal, giving it greater operations between Canada and the United States.

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It was a relevant fact for the time because Harris Bankorp was ranked as the 34th largest financial institution in the country and had a total of $7.8 billion USD in assets.

Following this pivotal integration, the bank's consolidation came through a series of strategic acquisitions that expanded its influence:

• The acquisition of First National Bank of Barrington (1985), State Bank of St. Charles (1988), First National Bank of Batavia (1988), Liberty Federal Savings Bank (1990) and Loan and Frankfort Bancshares (1990).
• The integration with Suburban Bancorp in 1994 and the purchase of 54 branches of Household Bank of Chicago in 1996.
• The formation of Harris InvestorLine through the acquisition of the brokerage firm Burke, Christensen & Lewis in 1999, along with Freeman Welwood in 2000.
• Acquisition of Village Bank of Naples (FL), First National Bank of Joliet (IL), Century Bank (AZ) and Northwestern Trust and Investors Advisory of Seattle during 2001-2002.
• The acquisition of First National Bank & Trust of Kokomo (IN), Ozaukee Bank of Cedarburg (WI), Merchant and Manufacturers Bankorp Inc. of New Berlin (WI) and Amcor Bank NA of Rockford (IL) between 2007 and 2010.
• The purchase of Marshall & Isle Corporation of Milwaukee in 2010, which would become part of BMO Bankorp, and also the transportation finance business of GE Capital Corp (2015).
• Since the end of 2021, the entity has launched the purchase of the Bank of the West business, receiving the regulator's approval on January 2023, being a matter of months before the latter is finally absorbed by BMO Harris Bank, increasing its volume to almost double and positioning itself as one of the largest banks in the US.

Highlights of BMO Harris Bank

This institution is not only one of the most important in the American Midwest, it is also valued for its services.

Most notable are those related to the integration of all your bank accounts through its mobile banking app, including those of other banks. Likewise, the app allows you to withdraw money without the need for a debit card.

The different BMO Harris Bank reviews also point out that their checking accounts are quite affordable and offer you different ways to avoid fees.

Although they do not offer you the most attractive interest rates in the market for saving, within their catalog there is a great variety of instruments to improve the management of your personal finances.

Along with their investment alternatives, loans, savings/checking accounts, IRAs and CDs, we highlight their money market account:

• The Premier Money Market is one of the most competitive products because it only requires you to have a minimum balance of $5,000 USD to initiate operations. It is not the lowest amount you will find, but it is not the highest either. It is an account that includes a checkbook, an ATM card and the bill pay service. In addition to its different access options, it has an APY that is almost 10 times the national average.

When choosing basic options to more efficiently manage your income, you should keep in mind the banking products offered by BMO Harris Bank.

While you can get more attractive offers elsewhere, it is an institution with a long history, a good presence where it operates and an excellent reputation. If you want to know more about its instruments, you can use the Busconómico comparator.

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