TORONTO — Bank of Montreal will drop the Marshall & Ilsley Corp. name when it combines the troubled Wisconsin lender with its existing U.S. retail unit this summer.
The Toronto-based bank will rename the combined U.S. retail bank BMO Harris Bank, a name that it said tested well in several markets, including Milwaukee and Chicago. BMO's U.S. consumer bank was previously known as Harris Bank. The bank's acquisition of Marshall & Ilsley, announced in December, is expected to be completed before July.
The bank also announced several management changes, as it aligns the U.S. business with its personal and commercial business structure in Canada.
Marshall & Ilsley Chief Executive Mark Furlong will become president and CEO of the combined entity, BMO Harris Bank, Bank of Montreal said in a statement.
Ellen Costello will continue as CEO of BMO's U.S. bank holding company, BMO Financial Corp., and serve as U.S. country head, providing governance and oversight for all of the bank's U.S. businesses.
David Casper, the U.S. head of commercial banking, will become executive vice president, commercial banking division, personal and commercial U.S., the bank said. M&I's Brad Chapin will oversee personal banking in Wisconsin, Minnesota, Arizona and Florida. Chris McComish, currently executive vice president, head of U.S. retail banking, will become executive vice president, personal banking, overseeing Illinois, Indiana, Missouri and Kansas, and co-head of North American specialized sales.
Ken Krei, the head of M&I Wealth Management, will become executive vice president, global private banking. Private banking in Canada will report to Krei.
Ann Benschoter, head of corporate banking at M&I, will move into the role of executive vice president at personal and commercial headquarters, the bank said.
