BMO acquires Bank Of The West

[damonhynes]

BNP Paribas sells BofW (old-school Commercial Federal S&L) to BMO (Bank of Montreal). BMO gets as close as Kansas City, MSP, and Chicago currently.

[nebugeater]

BNP Paribas sells BofW (old-school Commercial Federal S&L) to BMO (Bank of Montreal). BMO gets as close as Kansas City, MSP, and Chicago currently.

Interesting.

Wonder is Bank Of The Worst will operate under the current name or change.

[BRoss]

BNP Paribas sells BofW (old-school Commercial Federal S&L) to BMO (Bank of Montreal). BMO gets as close as Kansas City, MSP, and Chicago currently.

Interesting.

Wonder is Bank Of The Worst will operate under the current name or change.

It will now be Bank of the East

[Damtheplatte]

BMO Investors call referenced operational and administrative efficiencies to help offset the cost. Believe their operations are mostly done out of Chicago at the moment. Omaha was an important place for BOW operations. BMO expects to be able to absorb a lot of the operations without requiring a lot of capital investment. They really just wanted the California footprint it seems. Will be interesting to see what they plan to do over the next year.

[nativeomahan]

I am amazed at just how many BOW branch offices have closed in the past year. They used to be the Big Boy in Omaha. Now they seem to be shriveling up and disappearing.
At least by switching Mother Ships from Paris to Montreal everyone will still be speaking Français.

[Brad]

I am amazed at just how many BOW branch offices have closed in the past year. They used to be the Big Boy in Omaha. Now they seem to be shriveling up and disappearing.

Did BOW/BNP ever put any money in to their branches over the years? Im not a customer and never went in to any branches. From the exterior nothing ever changes other than the sign.

[Greg S]

It seems like Bank of the West has downsized on the number of branches in town.

[swinquest]

I am amazed at just how many BOW branch offices have closed in the past year. They used to be the Big Boy in Omaha. Now they seem to be shriveling up and disappearing.

Did BOW/BNP ever put any money in to their branches over the years? Im not a customer and never went in to any branches. From the exterior nothing ever changes other than the sign.

Being a back office employee (non-branch), there is a lot of things outdated by the bank. I have only been in a branch twice (over 7 years ago). The downsizing of branches has been due to the shift of customers doing things online, especially due to COVID.

Lots more that I can say, but I better leave it at that.

[Damtheplatte]

Ownership changes hands from BNP to BMO February 1st. Unknown on the impact it’ll have for the city of Omaha and its role with the Bank.

[swinquest]

As an employee of the bank, BMO is looking to increase their US footprint (this would double their size). Future plans have not been finalized as the sale is not final.

[Brad]

What's BMO?

[Bob from Omaha]

Seems like they bailed on the hq complex

[almighty_tuna]

BMO is Bank of Montreal.

[Brad]

BMO is Bank of Montreal.

Thanks. So they went from Commercial Federal, with the HQ in Omaha, to Bank of the West which was a cover for Bank of Paris, then changed their name to BNP, now so to Bank of Montreal?

[swinquest]

BMO is Bank of Montreal.

Thanks. So they went from Commercial Federal, with the HQ in Omaha, to Bank of the West which was a cover for Bank of Paris, then changed their name to BNP, now so to Bank of Montreal?

In a way yes.

Commercial Federal was purchased by California bank Bank of the West, but continued to have a major hub in Omaha. BOTW is the wholly owned subsidiary of BNP in Paris...currently. First Hawaiian Bank was a sister bank until they went public, also under BNP. BOTW is still its own entity with our own CEO. Rebranding took place to increase awareness in the US given that BNP is a financial leader in Europe. BNP changed direction. Bank of the West will be fully merged in to Bank of Montreal by the end of the year. Therefore all branches that is branded as BOTW will be BMO.

Very similar to US Bank acquiring Union Bank in California (formally owned by MUFG Bank, fka Bank of Tokyo in Japan).

https://newsroom.bmo.com/2023-01-17-BMO ... f-the-West

[Damtheplatte]

Tough break for the Omaha employees. Omaha was the operations HQ employing hundreds of staff for Bank of the West. Mass layoffs have started and will continue. Would estimate probably around 75-80% losing employment. BMO issued a WARN notice in July to the Nebraska Dept of Labor and the number doesn’t represent their overall plans. It’s a 100 now and the rest at the beginning of December. A lot of good people from Omaha are negatively impacted from this transaction.

[Garrett]

Well, hopefully with how low unemployment is right now there will be plenty of open jobs to take people

[Linkin5]

There will still be a large number of Omaha employees that will be employed by BMO.

[ita]

https://dol.nebraska.gov/webdocs/getfil ... a877ba1904

Here's the letter informing the state that 100 employees were to be let go on 9/15. No further information of future layoffs.

[Damtheplatte]

100 between last week and this week is accurate. Still more to come in stages depending on current role. Some end of this month, October, November, and December.

[thenewguy]

It would not be unheard of for there to be different rounds of layoffs. This WARN notice is specific only to this one, whereas others would warrant additional/separate notices.

[Damtheplatte]

December. What’s really upsetting about it is a large number had received notice they had been placed and had an ongoing role for the future. Without any more communication a lot learned last week or this week they’re terminated immediately, December, or at a later date in 2024.

[nativeomahan]

Businesses have zero heart. Zero compassion. This should not come as news.

[Garrett]

Businesses have zero heart. Zero compassion. This should not come as news.

But so many of them will still try to sell you on being "family" until it affects their bottom line.

[ChadJK]

Businesses have zero heart. Zero compassion. This should not come as news.

But so many of them will still try to sell you on being "family" until it affects their bottom line.

I feel like that duplicity is so often lamented that anyone falling for that line of crăp is naïve to an extreme.

[ita]

Bank of the West to lay off more employees

Bank of the West is set to lay off nearly 150 more people in Omaha.

In a notice to the City of Omaha, the bank says the move is due to a change in business needs. The layoffs will occur in December.

This is the second round of job cuts that Bank of the West has announced in Omaha; the first came just two weeks ago when 100 employees were let go.

The combined layoffs total the loss of 243 Omaha jobs in 2023.

[djc311]

Bank of the West to lay off more employees

Bank of the West is set to lay off nearly 150 more people in Omaha.

In a notice to the City of Omaha, the bank says the move is due to a change in business needs. The layoffs will occur in December.

This is the second round of job cuts that Bank of the West has announced in Omaha; the first came just two weeks ago when 100 employees were let go.

The combined layoffs total the loss of 243 Omaha jobs in 2023.

Merry F-ing Christmas, employees! That bank's a dump, wouldn't become a customer of BOTW of whatever it's called if they paid me to open an account.

[Damtheplatte]

After the December layoff there’s not much left from the previous Omaha supporting cast. Keeping some around thru January, March, finally May (very few). In the end within four years from now I predict a local business will make it their land. BMO came in to grab the West coast presence and then build it from there(200+ California branches). Will be interesting to see if they try to obtain an East coast heavy Bank within the next couple of years. I predict they do.

[ChadJK]

There is little money to be made in branch banking (aka "retail banking" with tellers and drive-thru lanes). Think of those as loss leaders for banks. They're not making anything off of the 18 year old waiter with $700 in his checking account. Instead, what branches do is make the bank convenient and give it the appearance of being the local neighborhood bank. So, you open a checking and savings account there. Now, when it's time to open an IRA or a CD, get a mortgage, or a car loan you're more apt to go to them first since that's where you bank. THAT is where they make their money. It's all about loans and trust accounts/wealth management. Checking and Savings accounts are just necessary headaches for them to get them the stuff they really want.

[Damtheplatte]

400+ Omaha, 1500+ BOTW employees terminated to date and it’ll end up being over 500 or 600 local Omahans at the end of May. Essentially any operations that were based out of Omaha have transitioned. The business park I anticipate being sold in the next three years. There’s no plan to expand or retain business operations here.

[Renovator2559]

It's just sad how these mergers ends up causing problems for the locals that work there. Corporate greed and shareholder value, supplants the employees and community values.

[Linkin5]

400+ Omaha, 1500+ BOTW employees terminated to date and it’ll end up being over 500 or 600 local Omahans at the end of May. Essentially any operations that were based out of Omaha have transitioned. The business park I anticipate being sold in the next three years. There’s no plan to expand or retain business operations here.

So are you saying the remaining employees in Omaha will be laid off by May?

[Damtheplatte]

Branch employees will stay. Very few back office positions will remain.

[ChadJK]

I'm sure its been mentioned in other threads, but I thought I'd note it here. Omaha BMO locations are now First Citizens Bank.

So, the Omaha area branches have basically done this over the last 21 or so years:
Commercial Federal ⇒ Bank of the West/BNP Paribas ⇒ BMO ⇒ First Citizens Bank

[iamjacobm]

I'm sure its been mentioned in other threads, but I thought I'd note it here. Omaha BMO locations are now First Citizens Bank.

So, the Omaha area branches have basically done this over the last 21 or so years:
Commercial Federal ⇒ Bank of the West/BNP Paribas ⇒ BMO ⇒ First Citizens Bank

And actually if you trace the history back on other First Citizens acquisitions you get back to the Mutual of Omaha bank. MoO Bank to CIT to First Citizens.