News Releases

SASKATOON, JULY 27, 2010 – In the aftermath of this year's heavy rainfall and devastating floods, BMO Bank of Montreal today launched a Financial Flood Relief Program for its commercial customers affected by the extensive damage.

"We want to assist our farm customers that were affected by the flooding. This program will help alleviate the difficulties being faced by farmers in affected communities across Canada's Prairies," said Robert Hayes, Senior Vice President, Prairies, BMO Bank of Montreal. "Many acres will go unseeded, crops remain stressed, and those already sown are estimated to be one to two weeks behind."

Under BMO's Flood Relief Program, BMO customers can apply for:

• Deferred principal payments
• And/or a waiver of new loan application or renewal fees.

The program is specifically designed for producers directly affected by the flooding and those in related industries who will face cash-flow challenges in the coming months given their dependence on a productive agriculture industry. The program is available until November 30, 2011, giving producers time to market a portion of next year's crop.

"We've always stood by our customers, through good times and bad, and we're ready to assist them now. We invite our customers to visit their local BMO branch and sit down with their Account Manager to discuss their particular needs and the details of this unique program," said Gail Cocker, Senior Vice President, Commercial Banking, BMO Bank of Montreal.

About BMO Bank of Montreal
BMO's roots in the Canadian agricultural sector date back almost 200 years, to 1817, when it first began working with farmers. Today, BMO enjoys a well-founded reputation for providing customized loan and deposit solutions to Canada's agri-business owners, the single largest core commercial sector that the bank serves.

In addition to this Financial Flood Relief Program, BMO Bank of Montreal offers programs and products including a specialized farm-equipment line of credit, flexible farm mortgages, and BMO's new AgriInvest Savings Account, which allows agricultural customers to double their savings by generating matching government funds. The savings rate on BMO AgriInvest account balances is 1 per cent, which as much as doubles what farmers are currently earning and what other financial institutions are paying.