Bank of Montreal (BMO) said it will significantly expand its physical footprint in the U.S. West, planning to open more than 130 financial centers in California and about 15 in Arizona over the coming five years. The growth initiative is part of a larger effort to add 150 new branches nationwide during the same period, with a heavy emphasis on U.S. markets and a particular focus on California.
The bank's announcement follows a strategic reshaping of its U.S. branch network. In October, BMO sold 138 branches to First Citizens Bank and said it would redeploy capital into markets where the firm sees stronger client engagement and better longer-term growth prospects.
Industry observers note that several of the largest U.S. banks have been investing in branch networks located in more affluent neighborhoods to capture higher-value retail clients and to provide services such as mortgages and wealth management. BMO’s plan signals a similar intent to target areas where in-person advisory relationships can boost revenue from consumer and wealth products.
BMO’s U.S. presence was materially enlarged in 2023 when it acquired BNP Paribas’ U.S. unit, Bank of the West, for $16.3 billion. That deal brought nearly 2 million customers, roughly 500 retail branches, and commercial and wealth offices spanning the Midwest and Western United States into BMO’s U.S. operations.
As part of the expansion timetable, the bank indicated specific openings planned for 2026, which include:
- Three new financial centers in Greater Los Angeles,
- Two new centers in the Bay Area, and
- Two additional centers in San Diego.
BMO said the build-out will create hundreds of jobs and will broaden access to in-person, advice-led banking across the regions where it is adding centers. The bank already operates more than 220 financial centers in California; the new openings would increase that footprint in the state by more than 50%.
Market reaction has been positive so far in 2026, with shares of BMO up a little over 7% year-to-date, outperforming its larger peer, Royal Bank of Canada, according to the company’s statement.
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