(August 11 – 09:15 ET) – The great bank branch selloff continues. Credit unions in British Columbia are acquiring 13 Bank of Montreal branches in various communities throughout the province.
Under the deal, 27,000 BMO customers affected by the sales will become credit union members, and the 67 staffers will be offered jobs by the local credit union buying their branch. The deal involves about $560 million in deposits and loans. “We welcome Bank of Montreal customers and employees at these branches into the credit union family,” said Wayne Nygren, president and CEO of Credit Union Central of B.C.
Credit Union Central of B.C. is coordinating the purchase of behalf of the 11 participating credit unions. Local credit unions will acquire branches in Agassiz, Ashcroft, Creston, Golden, Grand Forks, Hope, Kaslo, Kimberley, Merritt, Pender Harbour, Rossland, Sicamous and Smithers. The deal is subject to the approval of the federal Competition Bureau.
Bank customers will be notified of the transaction by mail. Customers’ existing bank accounts, deposits and loans will be converted to their equivalents at the acquiring credit union. Specific closing dates for the transfer of business and assets will vary according to location. Transfers will be staggered between mid-September and early November.
Earlier this year, BMO sold 51 branches to credit unions in Alberta, Saskatchewan and Manitoba.
-IE Staff