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BMO Harris Bank (BMO) Announces More Than $40 Billion Community Benefits Plan

CHICAGO, Nov. 28, 2022 /CNW/ - BMO today announced a Community Benefits Plan (CBP) that outlines a more than $40 billion commitment to local communities in the United States, with over $16 billion of the plan commitment targeted for the State of California. This plan outlines commitments to local communities across BMO's expanded footprint in the United States after the approval and closing of its proposed acquisition of Bank of the West, announced on December 20, 2021. The acquisition remains subject to regulatory approval and other customary closing conditions.

The five-year plan was developed with input from over 85 community groups from across the country through listening sessions facilitated by the National Community Reinvestment Coalition and the California Reinvestment Coalition, the Alliance to Close the Racial Wealth Gap, a public meeting and written comments submitted to regulators. The plan reinforces BMO's focus on increasing home ownership and supporting the growth of small businesses in low- to moderate-income (LMI) neighborhoods and communities of color. It also strengthens these communities through investments and lending to support affordable housing and economic development as well as philanthropic giving.

"We want to thank all of the community groups that invested their time to meet with us and provide feedback that has helped shape this plan," said David Casper, U.S. CEO, BMO Financial Group. "We are committed to ongoing community engagement to realize the full potential of this plan."

The CBP continues and expands on the progress by both BMO and Bank of the West to promote economic growth and provide greater access to capital for all. The result is a bold plan that will increase investment and expand BMO's strategic partnerships in underserved communities. It's also an expansion of, and is incremental to, the BMO EMpower initiative, a $5 billion commitment which was launched by BMO Financial Group in 2020 to advance an inclusive economic recovery in the United States through a series of long-term initiatives designed to drive meaningful change and champion racial equity.

The more than $40 billion commitment includes:

"We have a duty to continue addressing the barriers that disproportionately affect people of color and remain committed to creating more opportunities that achieve progress for all," Casper added. "Our Community Benefits Plan reflects our promise to ensure we have a strong combination of financial and community-driven investments that will create a more equitable society anywhere we do business. Eliminating barriers to inclusion while building a thriving economy and sustainable future is at the core of our Purpose to Boldly Grow the Good in business and life."

"BMO's commitment to work together with us and leading community groups was vital to creating a plan that drives significant impact to the communities served," said Jesse Van Tol, President and CEO, NCRC. "This community benefits plan is a substantial move in the right direction by addressing racial equity and access to capital in specific and tangible ways that will create more economic inclusion in the markets where BMO operates."

"We commend BMO leadership for its collaboration with the California Reinvestment Coalition (CRC) and our members over the last several months to put together an agreement that reflects the needs of California communities," said Paulina Gonzalez-Brito, CRC CEO. "Mergers must provide a clear public benefit. This agreement accomplishes this through increased investment and services in LMI communities and communities of color and increased lending to BIPOC-owned small businesses. We look forward to working with BMO as it implements this agreement over the next five years."

After closing, the combined organization will provide greater convenience, more product choice and increased community engagement through the following:

With a focus on collaboration, learning, and innovation, BMO will continue to work with community partners to achieve sustainable solutions and shape the future together.

About BMO Financial Group

Serving customers for 200 years and counting, Bank of Montreal is a highly diversified financial services provider - the 8th largest bank, by assets, in North America. With total assets of $833.8 billion as of July 31, 2022, and a team of diverse and highly engaged employees, Bank of Montreal  provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

Cautionary statement regarding forward-looking information

Certain statements in this press release are forward-looking statements. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this press release may include, but are not limited to, statements with respect to the expected closing of the Bank of the West acquisition, plans for the combined operations of BMO and Bank of the West, our strategies or future actions, our targets, commitments, plans, initiatives, activities and anticipated benefits with respect to the Community Benefits Plan, the results of, or outlook for, our operations, and include statements made by our management. Forward-looking statements are typically identified by words such as "will", "expect", "anticipate", "project", "plan", "commit", "target", "may", "forecast" and "could" or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. We caution readers of this press release not to place undue reliance on our forward-looking statements, as a number of factors ? many of which are beyond our control and the effects of which can be difficult to predict ? could cause actual future results, benefits, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: the possibility that the Bank of the West acquisition does not close when expected or at all because required regulatory approvals and other conditions to closing are not received or satisfied on a timely basis or at all or are received subject to adverse conditions or requirements; the level of activity and expected or anticipated benefits under the Community Benefits Plan are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations (including changes to capital requirements) and their enforcement, and the degree of competition in the geographic and business areas in which BMO and Bank of the West currently operate; the ability to promptly and effectively integrate Bank of the West; and those other factors discussed in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of the BMO 2021 Annual Report, as updated by the BMO Third Quarter 2022 Report to Shareholders, all of which outline certain key factors and risks that may affect our future results and our ability to anticipate and effectively manage risks arising from all of the foregoing factors.

We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. Readers and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements. We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this press release is presented for the purpose of assisting readers in understanding the anticipated benefits of the Community Benefits Plan and may not be appropriate for other purposes.

Media Contacts:
Scott Doll, Chicago ? [email protected]
Lucas Seiler, Chicago ? [email protected]

SOURCE BMO Financial Group

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News published on 28 november 2022 at 09:00 and distributed by: