Bank of Montreal to open over 130 new California locations

Bank of Montreal plans to open more than 130 financial centres in California and about 15 in Arizona over the next five years, expanding its U.S. West footprint after selling several branches nationwide last year. The move signals a targeted retail growth push that should modestly increase BMO’s U.S. deposit and loan access over time but is unlikely to materially move markets or the stock in the near term.

Analysis

Bank of Montreal plans to open more than 130 financial centres in California and about 15 in Arizona over the next five years, expanding its U.S. West footprint after selling several branches nationwide last year. The move signals a targeted retail growth push that should modestly increase BMO’s U.S. deposit and loan access over time but is unlikely to materially move markets or the stock in the near term.