BMO’s $16.3 Billion Bank of the West Deal Wins US Regulatory Nod

Bank of Montreal has received approval from the Federal Reserve to acquire San Francisco-based Bank of the West, a combination that will create the 15th-largest US lender.

After the transaction, Bank of Montreal US subsidiary BMO Financial Corp. will have consolidated assets of $286.8 billion, about 1% of those held by insured depository institutions in the US, according to the Fed. The bank’s entire US segment, which includes other subsidiaries, may have about $424 billion in assets after the closing, the firm said in a presentation when the deal was announced.

The Office of the Comptroller of the Currency ...