BMO Harris Bank
BMO Harris Bank current logo
1882 as N.W. Harris & Co.1847 as Samuel Marshall & Co.
|Headquarters||Chicago, Illinois, United States|
|Key people||Mark Furlong, CEO|
|Parent||Bank of Montreal|
The bank is owned by BMO Financial Corporation, a holding company which in turn is owned by Bank of Montreal, also known as BMO Financial Group.
BMO Harris offers more than 600 branches and 1,300 ATMs throughout Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. Over 14,500 are employed by BMO in the United States.
In 1882, Norman Wait Harris established N.W. Harris & Co., a Chicago-based municipal bond broker and the forerunner of Harris Bank. Harris Trust and Savings Bank was established 1907. It merged with Chicago National Bank in 1960 and was restructured as Harris Bankcorp, Inc. in 1972. Bank of Montreal (later known as BMO Financial Group) acquired Harris in 1984.
The bank grew rapidly through a series of acquisitions beginning with the First National Bank of Barrington in 1985, State Bank of St. Charles and First National Bank of Batavia in 1988 and Libertyville Federal Savings Bank and Loan and Frankfort Bancshares in 1990. Harris Bankcorp and Suburban Bancorp combined under the Harris name in 1994 and two years later, the company acquired 54 Chicago area branches from Household Bank. In 1999, the direct brokerage firm Burke, Christensen & Lewis merged with Harris Investors Direct to form Harris InvestorLine. The company's further acquisitions include Freeman Welwood in 2000; Village Bank of Naples, and Century Bank (Arizona) and First National Bank of Joliet in 2001; Northwestern Trust and Investors Advisory Company (Seattle) in 2002. Also in 2002, InvestorLine combined with CSFBdirect to form Harrisdirect and Harris acquired online client accounts of Morgan Stanley Individual Investor Group and myCFO. The following year, it purchased Sullivan, Bruyette Speros & Blayney Incorporated, followed by Lakeland Community Bank in Round Lake, Illinois, New Lenox State Bank and Mercantile Bancorp, Inc. based in Hammond, Indiana in 2004 and Villa Park Trust and Savings Bank in 2005.
The Harris Trust and Savings Bank name was retired in 2005 in favor of the name BMO Harris Bank; the bank encourages pronouncing BMO as (/ˈbiːmoʊ/).
BMO continued its acquisitions in 2007 with First National Bank & Trust, (Kokomo, Indiana) followed by Ozaukee Bank, (Cedarburg, Wisconsin) and Merchant and Manufacturers Bankcorp Inc., (New Berlin, Wisconsin) in 2008 and Amcore Bank N.A. on April 23, 2010.
On December 17, 2010, Bank of Montreal (BMO) agreed to purchase Marshall & Ilsley in an all-stock transaction valued at about $4.1 billion USD. Marshall & Ilsley was combined with BMO's Harris Bank subsidiary based in Chicago. The company restructured as BMO Bankcorp July 5, 2011.
Today, BMO Harris Bank has become one of the largest banks in the Midwest with over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona and Florida. It is the second-largest Chicago-area bank based on market share, behind JP Morgan Chase, and the second largest Canadian US banking arm in the United States after TD Bank, N.A. owned by Toronto-Dominion Bank.
BMO Harris is headquartered in a complex of three buildings in Chicago's Loop neighborhood. The original 21-story building was constructed in 1910 at 119 West Monroe Street. The entrance to the building is flanked by two bas-relief sculptures of lions which were used in the bank's logo until 2011. In 1960, a 23-story structure was added to the east with the address of 111 West Monroe. In 1974, a second 38-story tower was added to the west with the address of 115 South LaSalle Street. Both additions were designed by the firm of Skidmore, Owings and Merrill and are in the modern style. The bank uses the address of the 1960 building.
Partnerships led by BMO Harris include:
- BMO Harris Bradley Center in Milwaukee
- BMO Harris Bank Center in Rockford, Illinois
- BMO Harris Pavilion at Summerfest in Milwaukee
- Chicago Bulls
- Chicago Blackhawks
- Milwaukee Bucks
- Milwaukee Wave
- Northwestern University Athletics
- Wisconsin Badgers Athletics
- Rockford IceHogs AHL Blackhawks Affiliate
- Harris, Hall & Co., securities affiliate established in 1934, following passage of the Glass Steagall Act and acquired by Dean Witter & Co. in 1953
- Harris, Forbes & Co., securities affiliate established in 1911 and acquired by Chase Manhattan Bank in 1930
- "About BMO Harris Bank". BMO Harris. Retrieved 2013-03-18.
- "Harris Bank To Become A Household Name, To Buy 54 Of Its Branches". Chicago Tribune (chicagotribune.com). Bloomberg Business. 16 April 1996. Retrieved 2013-03-18.
- "BofM buying Freeman Welwood for $140 million". CBC News (cbc.ca). 10 November 2000. Retrieved 2013-03-18.
- "Harris Announces Intent to Purchase Villa ParkTrust and Savings Bank" (Press release). harrisbank.com. 7 July 2005. Retrieved 2013-03-18.
- Dempsey, John (27 September 2006). "Harris Buys First National". Kokomo Tribune (kokomotribune.com). Retrieved 2013-03-18.
- "Harris closes on Merchants, Ozaukee bank acquisitions". Milwaukee Business Journal (bizjournal.com). 4 March 2008. Retrieved 2013-03-18.
- Gores, Paul (23 April 2010). "Regulators shut down Amcore Bank". Milwaukee Journal Sentinel (jsonline). Retrieved 2013-03-18.
- Gillies, Rob (December 17, 2010). "Bank of Montreal buys US bank for $4.1B". The Boston Globe (boston.com). Associated Press. Retrieved 2013-03-18.
- Aarti Kanjani (21 March 2011). "Top 50 US banks and thrifts by assets". SNL Financial. Retrieved 2012-09-27.
- Philip van Doorn (24 February 2012). "Illinois Banks: Strongest and Weakest". TheStreet.com. Retrieved 2012-09-27.
- "Harris Bank Complex". Hines Interests. Archived from the original on 23 November 2010. Retrieved January 3, 2011.
- "Supporting the Home Team". BMO Harris. Retrieved 2013-06-15.