(January 24 – 18:10 ET) – Bank of Montreal has arranged for the purchase of its Lloydminster, Alta., branch by Border Credit Union Ltd. in Lloydminster. The agreement was coordinated through the Alberta Credit Union Central.

The transaction will result in a pre-tax gain for Bank of Montreal of approximately $650,000, subject to closing adjustments. The gain will be reported in the second fiscal quarter, 2001.

The branch has four employees and approximately $36 million in funds under administration.

The agreement was announced in Calgary this afternoon, after bank staff were informed. Border Credit Union is offering continued employment to the bank employees. The transaction excludes certain products and services such as mutual funds and MasterCard credit card accounts.

“We are pleased that this transaction provides for continued branch banking services for our customers and employment for our staff in Lloydminster,” said Grant Bennett, vice president, South Central and North Alberta flagship, Bank of Montreal.

After the transaction closes, Bank of Montreal will continue to operate 108 Branches in Alberta.
-IE Staff