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We recognize five banks where women are playing outsized roles in setting strategy and driving results, and each one has an interesting story to tell. Check out how the female executives at Bank of America, Bank of the West, BMO Harris, Citizens Bank of Edmond (Okla.) and Zions are making a difference.
September 22 -
First Farmers Financial (FFMR) in Converse, Ind., has agreed to buy seven branches in Indiana from Bank of Montreal's BMO Harris Bank.
May 9 -
WASHINGTON Consumer Financial Protection Bureau Director Richard Cordray praised BMO Harris Bank on Wednesday for becoming the first indirect auto lender to switch to a flat-fee structure, limiting the amount of discretion that dealers have to price finance loans.
April 30
The U.S. operations of BMO Financial Group reported a 50% increase in its fiscal fourth quarter earnings, as credit costs decreased and revenue increased.
The company in Toronto reported that its U.S. personal and commercial banking business earned $163 million for its fourth quarter, which ended Oct. 31. The U.S. operations also reported fiscal 2014 earnings of $636 million for the year, up 2.7% from a year earlier. The company owns BMO Harris Bank in Chicago.
The bank set aside $38 million for loan losses in the quarter, down 59% from a year earlier. In a press release, the company said the reduction was attributed to "lower new provisions in the consumer and commercial portfolios."
Net interest income was $576 million, close to a 4% increase, while non-interest revenue was $129 million, an approximate 4% decrease. Total revenue was $705 million, up 2.5%.
Non-interest expenses were flat at $460 million, while net interest margin on average earning assets was 3.64%, 18 basis points less than last year's fourth quarter.
According to the company loans and acceptances increased 9% from a year earlier and 2% from the prior quarter. BMO Harris' commercial and industrial loan portfolio grew 21%, to $28.5 billion, while the company said that it saw expected declines in mortgage and home equity portfolios.
BMO Harris Bank maintained its second place position in the Chicago deposit market, with a 12.1% market share. The bank also held 13.6% of deposit market share in Wisconsin.
