CHICAGO -- Harris Trust and Savings Bank, a subsidiary of Bank of Montreal, will take a $33 million after-tax charge to second-quarter earnings to absorb the impact of higher interest rates on mortgage-backed securities in the accounts of institutional trust customers.

The charge equals about 28% of Harris' 1993 profit.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.