TORONTO, December 1, 2005 – BMO Financial Group (TSX, NYSE: BMO) and its U.S.-based subsidiary, Harris Bankcorp, Inc., today announced the completion of the acquisition of Edville Bankcorp, Inc. and its subsidiary Villa Park Trust and Savings Bank (Villa Park Bank). The acquisition was announced on July 7, 2005.
The purchase price is CDN $80.6 million (US $65.5 million). The impact of the transaction on BMO cash earnings per share will be neutral in year one and accretive in year two, excluding one-time costs.
Harris intends to merge Villa Park Bank with Harris N.A. The addition of Villa Park, a well-regarded community bank with two desirable locations, increases the number of Harris locations in Chicagoland and Northwest Indiana to 199 and the number of ABMs to more than 500.
This acquisition complements Harris’ existing expansion plans in the Chicagoland area, and provides Harris with the opportunity to further expand its community banking services in the growing and highly attractive DuPage County, where Harris enjoys strong market presence. DuPage County is located about 30 kilometres west of downtown Chicago.
Harris is an integrated financial services organization that provides more than 1 million personal, business, corporate and institutional clients with banking, lending, investing, financial planning, trust administration, portfolio management, family office and wealth transfer services. Harris is a member of BMO Financial Group. For more information, please visit www.bmo.com.
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