Who did Bank of West merge with?
WASHINGTON—The
Tuesday, September 5, 2023
Bank of the West branches will reopen as BMO branches, and you'll have access to your new BMO accounts at any BMO branch and ATM in the U.S.
UC Berkeley's official bank, Bank of the West, was acquired by BMO Bank (BMO) in early 2023.
Acquisition by BMO
BMO's acquisition of Bank of the West was completed in February 2023. After the close of business on Friday, September 1, 2023, all Bank of the West accounts and branches were converted over the Labor Day weekend into those of BMO by Tuesday, September 5.
After a period of being a listed company on the Australian Securities Exchange, it was taken over by the Bank of Scotland, and since 2008 has been a subsidiary of the Commonwealth Bank.
BMO, also known as Bank of Montreal and previously called BMO Harris, purchased the San Francisco-based Bank of the West, from BNP Paribas, a French multi-national bank in a deal valued at $16.3 billion. The combined companies will have more than 1,000 branches and 42,000 ATMs located in 32 U.S. states.
The allegations include opening unwanted and unauthorized accounts for new customers, and initiating fake fraud alerts to call customers and promote new products. The bank faces a class-action lawsuit in Canada for similar practices.
Today, as a wholly owned subsidiary of global financial services leader BNP Paribas, Bank of the West operates nearly 700 branches and commercial offices in 19 states with 10,000 employees. It is one of the largest regional banks in the United States, with more than $63 billion in assets.
Nandita Bakhshi is President and Chief Executive Officer of Bank of the West and co-Chief Executive Officer of BNP Paribas USA Inc.
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Where Can I Find Bank of the West? You can physically find the bank in 19 states: Arizona, California, Colorado, Idaho, Iowa, Kansas, Minnesota, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Utah, Washington, Wisconsin and Wyoming.
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BNP Paribas closed today the sale of its retail & commercial banking activities in the United States conducted through its subsidiary Bank of the West, Inc to BMO Financial Group, as announced January,18 2023.
Why is Bank of the West changing to BMO?
The Toronto-based BMO, which has roughly $956 billion of assets, announced its intent to buy Bank of the West, a subsidiary of BNP Paribas in Paris, in December 2021. It completed the acquisition on February 1 of 2023 and scheduled the conversion for Labor Day weekend seven months later.
Bank of the West is a legitimate financial institution. It's FDIC-insured through BMO Harris Bank, which is one of the largest banks in North America and serves over 12 million customers.
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