Bank of Montreal BMO-T is selling 138 branches in the United States to North Carolina-based First-Citizens Bank & Trust Co. and plans to open 150 new locations with a focus on California.

The bank is offloading branches across 11 states, softening its retail presence in the U.S. Midwest.

In 2023, BMO purchased BNP Paribas’s U.S. unit, Bank of the West, expanding its reach into California. The deal doubled the size of the bank’s U.S. branch network to more than 1,000 locations.

The branches being sold are in North Dakota, South Dakota, Wyoming, Nebraska, Kansas, Missouri, Oklahoma and Idaho, as well as select branches in western Minnesota, one branch in eastern Oregon, and one branch in southern Illinois.

“We’re sharpening our focus on markets with the greatest potential for long-te

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