Bank of the West’s $16.3 billion acquisition gets regulatory green light
The $16.3 billion planned acquisition of San Francisco-based Bank of the West, which has North Bay branch offices, by a Bank of Montreal subsidiary has been received the green light by federal regulators.
The deal, announced in December 2021 and approved Tuesday by the Federal Reserve, brings BancWest Holding Inc. under BMO Harris Bank National Association, a Chicago-based subsidiary of the Canadian bank’s BMO Financial Corp. The transaction is set to close Feb. 1.
It will create the 15th largest U.S. bank, with about $286.8 billion in assets, according to the Fed. BMO said the merger would help it expand in North America, particularly in California.
Bank of the West currently is owned by Paris-based BNP Paribas and has more than 500 branches and offices in 24 states. In the North Bay, it has 16 branches in Napa, Solano, Marin, Sonoma and Lake counties.