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BMO’s Harris Acquires Over $2bn Worth Assets of Amcore Bank

Harris, a part of Canada-based BMO Financial Group, has acquired certain assets and liabilities of Illinois-based Amcore Bank from the Federal Deposit Insurance Corporation (FDIC).

The 52 branches of Amcore will reopen as Harris. Customers can continue to bank at these locations and will be served by the same teams. Deposits of former Amcore customers will remain insured by the FDIC up to the applicable federal deposit insurance limits and they can continue to access their money.

Financial highlights of the transaction include: the assumption of approximately $2.1bn in deposits; acquisition of approximately $2.5bn in assets, including approximately $2bn in loans; all loans are covered by an 80/20 loss share agreement with the FDIC covering 80% of potential loan losses and approximately $2.4bn in trust, investment and brokerage assets under management.

Bill Downe, president and CEO of BMO Financial Group, said: “We are proud to welcome our new customers to Harris. Ensuring they and every one of our new employees feel welcome is a high priority as we work together to bring Harris’ well-known name and excellent service to them.

“The addition of this franchise – quality locations and a valuable customer base – supports our current market share and expands Harris’ branch network into communities in Northern Illinois and Southern Wisconsin, including Madison and Rockford, where we already have a strong and growing commercial banking presence.”

Ellen Costello, president and CEO of Harris Financial, said: “We are very excited about expanding our overall presence in these areas and will be providing on-the-ground resources for our new employees. We are also looking forward to building on the strong customer and community relationships that Amcore established.”