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 conversion of the acquired branches took effect on 4 September 2026, with the transaction disclosed to the market through an 8-K filing.
The deal significantly expands First Citizens' physical footprint across the Midwest, Great Plains and West, extending the reach of one of the largest family-controlled banks in the United States. The bank said the conversion had been completed successfully, transferring accounts and operations from BMO onto its systems.
FOOTPRINT EXPANSION
The 138 branches acquired from BMO broaden First Citizens' distribution across states where the Raleigh-based lender had previously held only a limited direct presence. The Midwest, Great Plains and Western states named in the announcement provide access to markets with a mix of agricultural, small business and consumer banking demand.
The assumption of approximately $5 billion in deposits gives First Citizens a stable funding contribution from a diversified base of retail and small business customers in the acquired footprint. The added deposits diversify the bank's funding profile away from its historical concentration in the south-east and, following its earlier acquisition of Silicon Valley Bridge Bank, the technology and life sciences segment.
The successful conversion on 4 September marks the operational completion of the acquisition, following planning and integration work carried out ahead of the switchover. Branch signage, systems and staffing were transitioned across the acquired network in a single-day cutover, a standard model for retail bank conversions of this scale.
Adding 138 branches in a single transaction represents a material expansion of the retail estate, and the successful cutover on 4 September confirms that the operational milestones set for the deal have been met. Customers of the acquired branches now hold accounts on First Citizens' systems, with pricing, product and service terms transitioned in line with the disclosures accompanying the original acquisition announcement.
STRATEGIC RATIONALE
For First Citizens, the deal marks another step in the growth strategy that has taken the bank from a regional player into a top-tier US commercial franchise over the past decade. The acquired branches complement the bank's existing operations and provide a platform for cross-selling commercial and wealth products in the new markets.
For BMO Bank N.A., the divestment allows the Canadian parent BMO Financial Group to refine its US footprint following its earlier acquisition of Bank of the West. Selling the 138 branches to First Citizens streamlines BMO's US network and releases capital that can be redeployed elsewhere in its franchise.
First Citizens said further details of the transaction were contained in the 8-K filing lodged with securities regulators on 8 September. The bank will provide additional colour on the integration and its expected financial contribution when it reports its next set of quarterly results.
The addition of 138 branches and approximately $5 billion in deposits gives First Citizens meaningful new distribution in the Midwest, Great Plains and West, augmenting the franchise the bank has built across the eastern United States and its coast-to-coast commercial banking businesses. Full integration into the group's product and service model will unfold over subsequent quarters as customers experience First Citizens' pricing and offering set.