First Citizens Bank has completed the acquisition and conversion of 138 branches from BMO Bank N.A., assuming approximately $5 billion in deposits, according to an announcement published on the bank's newsroom on 8 September 2026. The acquisition of the branches closed on 4 September 2026, with the transaction disclosed to the market through an 8-K filing.
The acquisition expands First Citizens' presence across the Midwest, Great Plains and West; the bank, a top 20 US bank with more than $225 billion in assets, now serves clients through more than 600 branches and offices nationwide. The bank said the conversion had been completed successfully, with associated client accounts transitioned to First Citizens Bank platforms.
FOOTPRINT EXPANSION
With the transition complete, the Raleigh-based lender's network includes North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma, Idaho, western Minnesota, eastern Oregon and southern Illinois.
New First Citizens Bank clients will continue working with the local bankers and teams they know, the bank said.
The successful conversion, announced on 8 September, marks the operational completion of the acquisition.
The bank has also made a series of regional leadership appointments and committed to invest approximately $1 million across existing and newly expanded markets over 2026 and 2027. Customers of the acquired branches now hold accounts on First Citizens' systems.
STRATEGIC RATIONALE
First Citizens described the acquisition as another milestone in its long-term growth strategy. The bank said the acquisition expands its footprint to serve individuals, businesses and commercial clients through a broader network of relationship bankers.
For BMO Financial Group, the Canadian parent of BMO Bank N.A., the sale supports its strategy to optimise its US financial centre network. BMO said the transaction allows it to redeploy capital and resources to markets with strong client engagement and long-term growth potential.
First Citizens filed the announcement with the US Securities and Exchange Commission as an exhibit to an 8-K on 8 September.
The addition of 138 branches and approximately $5 billion in deposits expands First Citizens' presence in the Midwest, Great Plains and West, alongside its commercial banking businesses, which operate coast to coast.