TORONTO, Feb. 13 /CNW/ - BMO Financial Group (TSX, NYSE: BMO) and its
U.S. subsidiary, Harris, today announced they have received all required U.S.
regulatory and shareholder approvals and expect to close the acquisitions of
Ozaukee Bank and Merchants and Manufacturers Bancorporation, Inc., later this
Harris and BMO announced, in July 2007, a definitive agreement for BMO to
purchase Ozaukee Bank, a community bank with six full-service and two
limited-service locations in the northern part of the greater Milwaukee area.
Additionally, Harris and BMO announced a definitive agreement to purchase
Merchants and Manufacturers (OTC: MMBI). Also headquartered in the Milwaukee
area, Merchants and Manufacturers operates 34 full-service and 11
limited-service locations in an area concentrated in Milwaukee, and extending
into Green Bay to the north and LaCrosse to the west.
"Milwaukee is an attractive market for Harris, with median household
income and projected household income growth higher than the U.S. national
average," said Bill Downe, Chief Executive Officer, BMO Financial Group. "When
you add to that the commitment to customer service and community involvement
Harris shares with Ozaukee and Merchants and Manufacturers, we believe we have
significant potential to grow our market share and further enhance both banks'
customer experiences by adding the full breadth of personal, business and
wealth management services that Harris' customers in the Chicago-area market
have enjoyed for 125 years."
CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This news release includes forward-looking statements that are intended
to be covered by the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995 and any applicable Canadian securities
legislation. These forward-looking statements include but are not limited to
comments with respect to the objectives and strategies, financial condition,
results of operations and businesses of Bank of Montreal, Ozaukee Bank and
Merchants and Manufacturers.
However, by their nature these forward-looking statements involve
numerous assumptions, inherent risks and uncertainties, both general and
specific, and the risk that predictions and other forward-looking statements
will not be achieved. Bank of Montreal cautions readers of this news release
not to place undue reliance on these forward-looking statements as a number of
important factors could cause actual future results to differ materially from
the plans, objectives, expectations, estimates and intentions expressed in
such forward-looking statements.
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