BMO Financial Group (TSX, NYSE: BMO) and its U.S. subsidiary, Harris, today announced the completion of the acquisition of First National Bank & Trust in central Indiana. The acquisition was announced on September 27, 2006.
First National Bank & Trust is a community bank that offers a range of retail and commercial banking products, as well as trust, investment and insurance services, through 32 branch locations in Indianapolis and its surrounding communities. Indianapolis is the second-fastest growing market in the U.S. Midwest and has a population of about 1.7 million.
Harris intends to merge First National Bank & Trust with Harris N.A., in the coming months, furthering Harris' personal and commercial banking presence outside its traditional market.
With the closing of this acquisition, Harris now has 233 locations and is closer to its goal of 350 to 400 locations across the Midwest.
Harris N.A. is the second-largest bank, based on branches, in the Chicago market and has US$40.6 billion in assets and US$27.7 billion in deposits. Harris also has affiliated wealth management offices in Arizona, California, Florida, Georgia, Virginia and Washington.
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