M&I Bank Being Sold To Canadian Financial Firm

One of Wisconsin’s largest agricultural lending institutions is in the process of being sold. The Milwaukee-based Marshall & Ilsley Corp. will be acquired by the BMO Financial Group, based in Canada, for $4.1 billion through an all-stock deal.

Representatives said it will be business as usual at local M&I Bank locations as it transitions to its new owner over the next several months. A company spokesperson said no decisions have been made regarding whether the M&I Bank name will remain or how many jobs will be affected. The bank has 192 branches across Wisconsin.

BMO is major Canadian banking operation with $412 billion in assets. It owns Chicago-based Harris Bank, which has about 50 locations in Wisconsin, mostly in the Milwaukee and Madison areas. ◆