First Citizens Bank acquires 138 BMO branches

First Citizens Bank & Trust, a subsidiary of First Citizens BancShares, agreed to buy 138 branches from BMO Bank across 11 states as part of its national expansion plans.

The acquisition includes locations across the Midwest, Great Plains and Western United States, according to an Oct. 16 First Citizens release. Cost of the buy was not disclosed.

The added branches represent approximately $5.7 billion in deposits, $1.1 billion in loans and $1 billion in wealth assets under management, according to the release.

The acquired loan portfolio consists of 51% commercial and industrial (C&I) loans, 36% commercial mortgages and 13% other loans as of Aug. 31, reflecting strong credit performance and local market depth, according to the presentation. The portfolio’s composition aligns well with its community and middle-market lending strategy, while further diversifying its balance sheet, according to an Oct. 16 First Citizens release.

The transaction adds roughly $4.6 billion in net liquidity, strengthens First Citizens’ funding mix, and improves earnings per share with minimal tangible book value dilution, according to a presentation. The bank will pay a 5% premium on deposits, and the deal enhances liquidity flexibility to support ongoing initiatives.

This expansion will broaden First Citizens’ footprint in high-growth regional markets. The transaction is expected to close in mid-2026, pending regulatory approval and customary conditions, with all branch employees expected to remain in place to ensure a smooth transition for customers.

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