The Federal Reserve Board approved Toronto-based BMO Financial Group’s plans to acquire Milwaukee-based Marshall & Ilsley Corp.
“Based on all the facts of record, the Board concludes that consummation of the proposal would not have a significantly adverse effect on competition or on the concentration of resources in any of the banking markets where Applicants and M&I compete directly or in any other relevant banking market,” the Federal Reserve Board said in its approval order. “Accordingly, the Board has determined that competitive considerations are consistent with approval.”
BMO will terminate the M&I brand, and Wisconsin’s largest bank will be folded into BMO Harris Bank, which will be the 22nd largest bank in the U.S. in terms of assets, with total consolidated assets of approximately $126.2 billion.
