BMO announced its plan to sell 138 U.S. bank branches but open another 150 nationally, mostly in California.
The sales are a move to "optimize its U.S. branch network and reinvest in markets with strong client engagement and long-term growth potential," BMO said in a release.
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The branches First Citizens is buying are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho, as well as a handful of branches in western Minnesota and one each in eastern Oregon and southern Illinois.
Fewer details were available for where the 150 branches would open, though BMO said plans were "California-centric, but not limited to the state."
"We're sharpening our focus on markets with the greatest potential for long-term growth," BMO U.S. President Aron Levine said in a statement. "This reallocation allows us to deepen client relationships and deliver the full power of BMO to our clients. Our branches play a vital role in that journey."
First Citizens Bank will assume about $5.7B in deposits and purchase about $1.1B in loans, according to the release. The deal is expected to close mid-2026.
Banks are frequent tenants of strip centers and freestanding pads near larger retails centers and hubs, which have become desirable assets in the retail space. They often feature abundant parking and dedicated drive-thrus.
BMO has nearly 1,000 branches in the U.S.
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