First-Citizens Bank & Trust Company, the wholly owned banking subsidiary of First Citizens BancShares, entered into an agreement to acquire 138 branches in the Midwest, Great Plains and West regions of the U.S. from BMO Bank N.A. The branches are located in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho, as well as select branches in western Minnesota, one branch in eastern Oregon and one branch in southern Illinois. In connection with the purchase, First Citizens Bank will assume approximately $5.7 billion in deposit liabilities and acquire approximately $1.1 billion in loans, and welcomes the opportunity to work with new associates and clients in the regions.

First Citizens Bank Chairman and CEO Frank B. Holding Jr. said: "We are enthusiastic about this opportunity to expand into new markets and offer our client-centered approach in even more regions. This deposit franchise is solid, and we look forward to serving individuals and business clients in these areas. Additionally, the net deposit position is expected to enable us to further enhance our liquidity position and provide additional flexibility to support our strategic initiatives."

"We look forward to welcoming new associates and clients as we continue to grow our branch network," said Hope Holding Bryant, Vice Chairwoman and Head of First Citizens' General Bank. "Today's announcement underscores our commitment to bringing high-touch service, banking products and deep sector expertise to clients and communities nationwide. Together with our new associates, we will remain dedicated to our clients, associates and communities in which we serve."

First Citizens Bank offers an array of general banking services including a network of branches and offices nationwide; commercial banking expertise delivering best-in-class lending and sector expertise, leasing and other financial services; innovation banking serving businesses at every stage; and a nationwide direct bank for personal savings.

Until the transaction closes, BMO Bank customers should continue to bank as they normally do, using their existing checks, cards, branches and online account access. For more information about First Citizens Bank, visit firstcitizens.com. 

Under the terms of the agreement, First Citizens Bank will purchase the branches in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho, as well as select branches in western Minnesota, one branch in eastern Oregon and one branch in southern Illinois. First Citizens Bank expects the transaction to close mid-2026, subject to customary closing terms and conditions and regulatory approvals.

Arnold & Porter Kaye Scholer LLP and Smith, Anderson, Blount, Dorsett, Mitchell & Jernigan L.L.P. are serving as legal advisors to First Citizens Bank.

In connection with the transaction, BMO Capital Markets and Piper Sandler & Co. are serving as financial advisors to BMO Bank. Godfrey & Kahn, S.C. is serving as legal advisor to BMO Bank.