(December 18 – 12:40 ET) – Bank of Montreal has completed the acquisition of Scottsdale, Arizona-based Century Bank. The transaction is valued at $24 million.

According to BMO, the acquisition of Century Bank is part of its North American growth strategy, which includes the rapid expansion of its wealth management lines of business in high-growth, affluent urban markets in the United States and builds on the long-standing expertise of its U.S. subsidiary, Harris Bank.

The purchase of Century Bank follows the acquisitions earlier this year of Seattle-based direct brokerage Freeman Welwood, and Florida-based Village Banc of Naples, in addition to last year’s purchase of a Chicago-based direct brokerage now known as Harris InvestorLine.

Established in 1997, Century Bank has $90 million in assets and $80 million in deposits. Its three branches will now operate as part of The Harris, Bank of Montreal’s wealth management operation in the U.S.

In the past year alone, Bank of Montreal’s Private Client Group has made a total of $250 million worth of acquisitions in key affluent areas of the United States.
-IE Staff