Harris Bank, Bank of Montreal’s (Chicago-based U.S. subsidiary has completed the acquisition of First National Bank of Joliet after receiving regulatory and shareholder approvals.

Effective July 14, the 18 branches of First National Bank of Joliet will open as branches of Harris Bank Joliet NA, and will operate as the ninth Harris Chicagoland Banking region.

“This transaction moves us into the fastest growing county in Illinois and brings us closer to our goal of becoming the dominant full-service bank in Chicagoland.” said Al McNally, chairman and CEO, Harris Bank.

Harris announced its plans to acquire First National Bank of Joliet, which includes $1.1 billion US in assets and $844 million US in deposits, in March. The purchase price was $220 million US.

FNBJ shareholders will receive $72.50 US in Bank of Montreal common shares or cash, or a combination, for each FNBJ common share outstanding. At least 50 per cent of the aggregate merger consideration will be paid in Bank of Montreal common shares.