(September 14 – 12:15 ET) – Bank of Montreal says it has acquired Scottsdale, Arizona-based Century Bank. The deal is valued at $24 million ($US 16 million) and is subject to regulatory approval. Century Bank will become of BMO’s private client group.
“Century Bank is an excellent addition to the wealth management operations of Harris Bank and Bank of Montreal,” said Tony Comper, chairman and CEO, Bank of Montreal Group of Companies. “The acquisition of Century Bank is an important part of our strategy to expand in high-growth, affluent urban markets in the United States. Our strength lies in a coordinated approach to wealth management: the melding of e-business with a physical presence through our expanding U.S. network.”
BMO says its aggressive North American growth strategy includes the rapid expansion of its wealth management lines of business and building on the long-standing expertise of Harris Bank in the United States. The Century Bank deal 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.
According to BMO in the past year alone, the private client group has made a total of $250 million (US$170 million) worth of acquisitions in key affluent areas of the United States. Total assets under management and administration and term deposits have grown to US$150 billion, for an annualized growth rate of 21 per cent for the year.
Established in 1997, Century Bank has US$61 million in assets and US$54 million in deposits. Its three branches are situated in the central part of the state, where more than half of Arizona’s population lives.
-IE Staff