-
The No. 1 brand in American Banker's 2011 survey of bank reputation has thrown down the gauntlet, not just to the 29 other banks it will face off against on next year's list, but to itself.
May 22 -
Bank of Montreal will drop the Marshall & Ilsley name when it combines the troubled Wisconsin lender with its existing U.S. retail unit this summer.
April 6 -
The deal values M&I at 1.26 times its annual revenue and has a price-to-book ratio of 0.61% for M&I, which BMO risk chief Thomas Flynn described as "attractive multiples."
December 17
Bank of Montreal repaid more than $1.7 billion of bailout aid owed by Marshall & Ilsley Corp. when it completed its acquisition of the Milwaukee bank Tuesday.
Bank of Montreal bought Capital Purchase Program preferred shares for $1.7 billion and a related warrant for $3.3 million from the Treasury Department, and paid accrued dividends of $11.9 million.
Taxpayers have recovered about $255 billion from the Troubled Asset Relief Program's bank programs, the Treasury said.
Bank of Montreal, of Toronto, promised to make the payments when it announced plans in December to buy M&I for $4.1 billion and merge the $50 billion-asset bank with its U.S. subsidiary, Chicago-based Harris Bank.
The combination creates the 22nd-largest bank in the U.S., with roughly $126 billion of assets and $70 billion of deposits. M&I shareholders backed the merger in May, and the Federal Reserve Board approved it last month.
