RALEIGH – First Citizens Bank completed the acquisition and conversion of 138 BMO branches, adding about $5 billion in deposits and $650 million in loans.
The Raleigh-based bank disclosed the transaction in a Form 8-K filed Sept. 8. First-Citizens Bank & Trust Company, the wholly owned banking subsidiary of First Citizens BancShares, acquired the branches from BMO Bank N.A. effective Sept. 4.
The branches are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho, along with selected branches in western Minnesota, eastern Oregon and southern Illinois.
First Citizens said associated client accounts have moved to its platforms. The bank now serves clients through more than 600 branches and offices nationwide and has more than $225 billion in assets.
The bank also named five regional leaders: Nate Downie, Sharon Thompson, Stacie Bales Barton, Monica Hummel and Gary Piercy. It said it will invest about $1 million in existing and newly expanded markets in the Midwest, Great Plains and West during 2026 and 2027.
BMO said the sale is part of its effort to optimize its U.S. financial-center network and redeploy capital and resources toward markets with stronger client engagement and long-term growth potential.
First Citizens BancShares is headquartered in Raleigh and its Class A shares trade on the Nasdaq Global Select Market under the ticker FCNCA.