June 25, 2012 / 6:48 PM / 6 years ago

BMO to shut 24 U.S. branches after M&I deal

TORONTO (Reuters) - Bank of Montreal is closing 24 U.S. branches as it consolidates its operations following last year’s $4.1 billion takeover of Wisconsin lender Marshall & Ilsley, a spokesman said on Monday.

The closures, 17 of which are in Wisconsin, will affect 130 employees and are mostly due to overlap between M&I branches and BMO’s existing Harris Bank network, said Jim Kappel, head of media relations at BMO Harris Bank.

One of the closures is not related to the acquisition, he said.

BMO, Canada’s No. 4 bank, acquired M&I last July in a deal that doubled its U.S. branch count.

Following the closures, BMO Harris will have 636 branches, said Kappel. BMO’s Canadian branch network numbers more than 900, according to the bank.

BMO’s shares were down 47 Canadian cents at C$54.78 on the Toronto Stock Exchange.

Reporting By Cameron French; Editing by Jeffrey Hodgson

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