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BMO Business Checking Review 2024

Fact Checked

Updated: Sep 10, 2024, 3:48pm

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Our Verdict

A good business checking account is a crucial tool for business owners. Depending on your needs, BMO, formerly BMO Harris, may have the right account for you. While this bank doesn’t offer free business checking—unless you run a non-profit, that is—its suite of accounts features options for businesses at every stage.

With hundreds of branches in eight states, plus an extensive ATM network and online banking, business owners everywhere can bank with BMO. BMO is best for businesses that want to grow with one institution and would take advantage of the bank’s basic to premium accounts. It might not be a good fit for business owners who want to minimize fees or need unlimited deposits and transactions.

This BMO review focuses on business checking products. All account details and annual percentage yields (APYs) are current as of Sept. 13, 2023.

• In-person and online banking
• Large ATM network
• Customer service available seven days a week
• Several business checking accounts to choose from
• Bonus offers for new accounts
• Monthly maintenance fees for most accounts
• Minimum deposit requirements
• Several types of one-time banking fees

Table of Contents

Account basics, other bmo business banking products and services, distinguishing features, access on the go, bmo bank fees, how bmo stacks up, frequently asked questions (faqs).

BMO offers four business checking accounts: Digital Business Checking, Simple Business Checking, Premium Business Checking and Elite Business Checking. These accounts offer different features at different price points for business owners. All accounts require a $100 minimum opening deposit.

BMO Digital Business Checking Account

The BMO Digital Business Checking account is best for business owners who like to bank online and handle payments digitally. It offers unlimited free ACH transactions and incoming wires but only $1,000 in free cash deposits per month. If you’re a business owner who deals with a lot of cash payments, this probably isn’t the account for you.

There is a monthly maintenance fee of $10 for this account, which is the lowest you’ll find in BMO’s business banking division. To waive the fee, you need to maintain an average collected balance of $500 or more each statement period.

BMO Simple Business Checking Account

The BMO Simple Business Checking account is ideal for small business owners who want low-fee, basic checking without sacrificing key features. With only 100 free transactions per month, it’s a better fit for businesses that don’t deal with a high volume of monthly transactions rather than large companies.

This account provides up to $2,000 in free cash deposits each month and has a $10 monthly fee like the BMO Digital Business Checking account. You can avoid this fee by maintaining an average collected balance of $100 or more.

BMO Premium Business Checking Account

The BMO Premium Business Checking account allows for 200 fee-free transactions and up to $5,000 in free cash deposits each month. It’s best for moderately-sized businesses that don’t deal with an especially large volume of transactions or plan to keep high checking balances.

This account charges a maintenance fee of $15 per month. The only way to waive the fee is by maintaining an average collected balance of $1,500 or more.

BMO Elite Business Checking Account

The top-tier business checking option in BMO’s suite, BMO Elite Business Checking, has higher limits on free transactions and cash deposits. Customers can make up to 500 free transactions and deposit up to $20,000 in cash each month. This account earns interest, but the current rate is not disclosed online for any balance tiers and you must call or visit a branch to find out what you’ll earn. Interest compounds daily and is credited to your account monthly.

This account has a high, but waivable, monthly maintenance fee of $25. You can avoid it by meeting one of the following requirements:

• Maintaining an average collected balance of $10,000 or more
• Maintaining a monthly combined balance of $25,000 or more

Like the Digital Business Checking account, Elite Business Checking provides free domestic and foreign incoming wires. Customers also gain access to Relationship Packages, which provide additional benefits—like rebates and higher interest rates—based on your account balance.

Other BMO Business Checking Accounts

In addition to BMO’s four primary business checking accounts, it offers two others. One for large businesses and one for non-profits.

• BMO Business Checking Analyzed Account: An account best for large balances designed for businesses with a high volume of transactions. It offers earnings credits by balance to offset fees for businesses that would otherwise incur a variety of activity charges.
• BMO Non-Profit Small Business Checking Account: A free account for non-profit organizations. Includes up to 200 free transactions per month and $5,000 in free cash deposits.

Reach out to BMO directly—by visiting a branch, calling customer support or requesting a phone call or email—to learn more about these specialty accounts.

In addition to six checking accounts, BMO offers other business products and services to help business owners stay on top of their finances. These include:

• Business credit cards
• Business loans
• Business savings account
• Business money market account
• Cash management services

BMO Checking Accounts

Earn up to $600*

Minimum Opening Deposit Requirement

Monthly Maintenance Fee

$0 if you're under age 25

*Get either a $250 or $500 cash bonus when you open a new checking account and complete qualifying activities between 9/10/24 and 10/31/24. Plus, get a $100 digital gift card when you meet with a BMO banker to discuss your financial priorities after opening your account online. Combine the cash bonus and the gift card to maximize your rewards. Conditions apply. Available in the U.S. BMO Bank N.A. Member FDIC

BMO is currently offering a bonus of up to $750 for new business checking customers who open an account by September 9, 2024. To get a bonus, customers must make 10 qualifying electronic transactions and maintain an average collected balance of at least $4,000 for 90 days to earn $300 and $25,000 to earn $750.. The average collected balance on your account is determined by adding the total collected balance and dividing by 120.

While most BMO business checking accounts have fees, you’ll receive a temporary fee waiver for the first 93 days after account opening. This waiver applies to the following fees:

• Monthly maintenance fees
• Coin and currency fees
• Wire transfer fees
• Other transaction fees
• Paper statement fees
• Check image fees

Finally, business owners can sign up for BMO Bill Connect. This optional service allows you to receive and pay bills, send invoices and receive payments. Plans start at $5 per month, but you can try it free for 60 days.

While BMO has branches in eight states, its large ATM network and online banking capabilities also make it an option for those who don’t live near a physical location. Customers have fee-free access to a network of more than 40,000 BMO and Allpoint ATMs across the country.

In addition to in-person banking, you can bank online or through the BMO Online Banking for Business app. Use the app to send and receive payments, deposit checks, pay bills, monitor your cash flow and more. Just note that while BMO digital banking apps have great ratings, the BMO Online Banking for Business apps fall flat. The business app earns 3.2 out of 5 stars on Google Play and 2.6 out of 5 stars in the App Store

In addition to monthly fees, BMO business customers may pay a number of fees for different activities. BMO business checking accounts share the following fees:

• Excess transaction fee: $0.40 per transaction
• Excess cash deposit fee: $0.25 per $100
• Early account closure fee: $50 if closed within 90 days of opening
• Out-of-network ATM fee: $3
• Wire fees: $0 to $50, varies by account
• Stop payment fee: $35
• Paper statement fee: $3
• Check image fee: $3 with paper statements
• Overdraft fee: $15 per item
• Foreign transaction fee: 2.8% of transaction amount
• Debit card replacement fee: $5

With both in-person and online banking, BMO customers in states within the bank’s branch network have flexibility in how they bank. But for business owners who value in-person banking and don’t have a BMO branch in the neighborhood, this bank is not an ideal fit.

BMO’s wide range of business checking accounts and other banking services—like savings, loans and credit—should appeal to a variety of business owners with different needs. And if you can qualify for a bonus offer when signing up or relationship benefits, you’ll appreciate this bank even more.

When it comes to fees, BMO can be costly. BMO doesn’t offer free business bank accounts—aside from the non-profit account—and only lets you waive monthly fees by meeting balance requirements. The best business checking accounts have few fees, requirements that are easy to meet and practical benefits for business owners. Customers looking for free business checking accounts should check with online-only banks.

Find The Best Business Checking Accounts Of 2024

What do i need to set up a bmo business checking account.

In addition to personal information and identification, you’ll also need business documentation including business formation documents. The precise materials you need to set up a BMO business checking account depend on your business’s entity type. Use BMO’s checklist to make sure you have all the necessary information before starting an application.

Where are BMO branches located?

BMO branches are primarily located in the Midwest, though there are some branches in other areas of the country. You can find BMO branch locations in the following states: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. The bank’s ATM network, however, is much more extensive. Customers can make fee-free withdrawals at more than 40,000 ATMs across the U.S.

Is BMO FDIC insured?

Yes, BMO is insured by the FDIC (FDIC #16571). FDIC insurance protects your money up to $250,000 per depositor, per ownership category in case of bank failure.

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Entering the realm of borrowing can be a pivotal moment for middle-market companies. Whether your business is seeking financing for an expansion, acquisition, or operational needs, taking on debt requires careful consideration and strategic planning. For those taking on leverage for the first time, here are some essential pieces of advice to consider. These tips can serve as good reminders for effectively managing debt even as an existing borrower.  

Understand your needs . Before pursuing bank financing, take the time to thoroughly assess your capital needs. Having a clear understanding of the purpose of the funds and your ability to repay the debt will help you identify the most suitable financing options and structure for your business. A prudent approach involves balancing debt levels with the company’s ability to generate both sustainable cash flow and a sufficient cushion to withstand economic downturns. 

Build a capable management and finance team . Successfully managing a leveraged company requires a strong management team. This team should possess the skills and expertise necessary to navigate the complexities of debt financing, monitor financial performance, and make informed strategic decisions.  

Maintain strong financial records . Lenders will analyze your financial history to assess your creditworthiness. Ensure your financial records are accurate, up-to-date, and well-organized. Having your financials reviewed or audited provides lenders with assurance that your financial statements are accurately presented and strengthens your position as a reliable borrower.  

Prepare a comprehensive business plan . Develop a compelling business case to demonstrate the value proposition of your borrowing request. Clearly articulate how the funds will be used, the potential return on investment, and the risk-mitigation strategies in place. Back your projections with sound financial data, market research, and a realistic assessment of the challenges and opportunities. 

Forecast cash flow . Cash flow forecasting is a vital tool for managing debt responsibly. It involves projecting future cash inflows and outflows to ensure the company can meet its financial obligations, including debt repayments. By accurately forecasting cash flow, businesses can anticipate potential shortfalls and take proactive measures to mitigate them, such as adjusting expenses or seeking additional financing options. Advanced planning can help avoid liquidity challenges and maintain the company’s financial health.  

Understand reporting requirements and covenants. When obtaining bank financing, it’s crucial to understand the reporting requirements and covenants required by the loan agreement. Reporting requirements involve providing regular financial statements and other pertinent data to the lender. Covenants, on the other hand, are specific financial metrics or ratios that must be maintained, such as funded debt-to-EBITDA ratio and fixed-charge coverage ratio.  

Communicate transparently. Open and honest communication with lenders is important in any banking relationship. Keep them informed of any significant developments, shifts in your business, or changes in financial performance. Proactive communication fosters trust and may lead to more flexible arrangements if unforeseen challenges arise. 

By following these key pieces of advice, first-time borrowers can navigate the borrowing process with confidence and secure the financing needed to propel their businesses forward. Remember to approach borrowing as a strategic decision that aligns with your long-term goals and financial objectives. 

Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank or credit approval. BMO Harris Bank N.A. Member FDIC

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BMO Capital Markets is a trade name used by BMO Financial Group for the wholesale banking businesses of Bank of Montreal, BMO Bank N.A. (member FDIC), Bank of Montreal Europe p.l.c., and Bank of Montreal (China) Co. Ltd, the institutional broker dealer business of BMO Capital Markets Corp. (Member FINRA and SIPC ) and the agency broker dealer business of Clearpool Execution Services, LLC (Member FINRA and SIPC ) in the U.S. , and the institutional broker dealer businesses of BMO Nesbitt Burns Inc. (Member Canadian Investment Regulatory Organization and Member Canadian Investor Protection Fund) in Canada and Asia, Bank of Montreal Europe p.l.c. (authorised and regulated by the Central Bank of Ireland) in Europe and BMO Capital Markets Limited (authorised and regulated by the Financial Conduct Authority) in the UK and Australia and carbon credit origination, sustainability advisory services and environmental solutions provided by Bank of Montreal, BMO Radicle Inc., and Carbon Farmers Australia Pty Ltd. (ACN 136 799 221 AFSL 430135) in Australia. "Nesbitt Burns" is a registered trademark of BMO Nesbitt Burns Inc, used under license. "BMO Capital Markets" is a trademark of Bank of Montreal, used under license. "BMO (M-Bar roundel symbol)" is a registered trademark of Bank of Montreal, used under license.

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• Expansion to major new U.S. geographies, including highly attractive California market, a natural next step in BMO's North American growth strategy
• Financially compelling; funded primarily with existing capital in BMO and Bank of the West; transaction is immediately accretive at closing to adjusted earnings per share and drives long term growth
• Combination with Bank of the West will provide a highly complementary footprint and capabilities to help more consumers and businesses make real financial progress and break down barriers to economic inclusion
• BMO is committed to retaining front-line branch employees with no planned closure of Bank of the West branches in connection with the transaction

TORONTO and CHICAGO , Dec. 20, 2021 /CNW/ - BMO Financial Group (TSX: BMO) (NYSE: BMO), and its indirect wholly-owned Chicago -based subsidiary BMO Harris Bank N.A. (together, "BMO"), today announced the signing of a definitive agreement with BNP Paribas (XPAR: BNP) to acquire Bank of the West and its subsidiaries, with assets as of September 30, 2021 of approximately C$135 billion ( US$105 billion ). This acquisition aligns with BMO's strategic, financial and cultural objectives.

Under the terms of the agreement, BMO will acquire Bank of the West for a cash purchase price of US$16.3 billion , or US$13.4 billion net of estimated US$2.9 billion of excess capital (at closing) at Bank of the West.  BMO will fund the transaction primarily with excess capital reflecting its strong capital position and anticipated capital generation.

Founded in 1874, Bank of the West has a strong track record of serving retail, small business, commercial and wealth clients. With the combination of two highly complementary geographies and building upon BMO's digital, data and analytics capabilities, this acquisition enables contiguous market extension, the acceleration of BMO's commercial banking expansion, and highly competitive scaled entry into California .  

On closing, the acquisition will bring nearly 1.8 million customers to BMO and will further extend its banking presence through 514 additional branches and commercial and wealth offices in key U.S. growth markets. Post closing, BMO will have a strong position in 3 of the top 5 U.S. markets, a footprint in 32 states, expanded national specialty commercial businesses and a digital banking platform gathering deposits in all 50 states. With approximately 70% of Bank of the West's deposits in California , BMO is making a scaled entry to a market with a population of approximately 40 million people producing US$3.1 trillion of GDP – which, if considered as a country, would rank as the world's 5 th largest economy.

"With the strength of our performance and our integrated North American foundation, we have never been better positioned to take this next step in our growth strategy and to deliver for the new customers and colleagues we look forward to welcoming to BMO. This acquisition will add meaningful scale, expansion in attractive markets, and capabilities that will enable us to drive greater growth, returns and efficiencies," said Darryl White , Chief Executive Officer, BMO Financial Group.

"We will deliver a highly competitive offering to new growth markets, combining the strength of our digital banking platform and a strong team of bankers to generate leading customer growth."

"Breaking down barriers to inclusion is a driving force for both banks – it's a commitment central to BMO's Purpose, to Boldly Grow the Good in business and life . Both BMO and Bank of the West have achieved "Outstanding" Community Reinvestment Act ratings, supported by robust commitments to investing in our communities. We'll be well positioned to support the communities we serve and to help our customers make real financial progress," concluded Mr. White.

"Bank of the West is a well-run and well-respected organization that will bring complementary capabilities, products and segment expertise to BMO, all of which are accretive to our existing franchise," said David Casper , Group Head, North American Commercial Banking and U.S. Chief Executive Officer, BMO Financial Group. "Combining these strengths with BMO's proven track record of executing and integrating acquisitions will position us to leverage our capabilities to serve more personal, business, commercial and wealth customers. It's also a great opportunity to build upon our strong track record of engaging with communities where we operate."

" On behalf of all of my colleagues at Bank of the West, I am excited for what this new opportunity will bring for our customers, our employees and our longstanding community partners. Bank of the West's presence in many of the largest and fastest growing markets in the U.S. provides an ideal and complementary commercial and retail banking platform to fuel BMO's growth. Combined with BMO's suite of products and capabilities we'll be able to help even more customers achieve real financial progress. Our team of dedicated commercial and business bankers will be a great fit with BMO, working on creative solutions to match individual needs," said Bank of the West CEO Nandita Bakhshi .

Transaction Highlights

The transaction is expected to be immediately accretive on closing to BMO's adjusted earnings per share and over 10% accretive in 2024, including estimated cost synergies. The estimated internal rate of return is approximately 14%. The purchase price is estimated at 1.5 times Bank of the West's expected tangible common book value based on the estimated balance sheet at close. BMO expects to incur pre-tax merger and integration costs of approximately C$1.7 billion and achieve pre-tax cost savings of approximately C$860 million , or 35% of Bank of the West's non-interest expenses, through operational efficiency improvements with 100% of the cost savings executed by the end of the first year after closing.   

The acquisition adds approximately US$56 billion of loans and US$89 billion of deposits based on Bank of the West's September 30, 2021 balance sheet. BMO expects to take a gross credit mark of C$992 million , or 126 bps of loans and reflect a C$218 million fair value mark (write-down of equity), both of which will be accreted into adjusted earnings.

BMO expects to fund the transaction primarily through excess capital on the combined entities balance sheet at closing, including an estimated C$3.8 billion from Bank of the West and C$13.5 billion from BMO, which includes the benefit from the sale of BMO's EMEA asset management business and internal capital generation to the estimated closing date. In addition, BMO intends to introduce a 2% discount on shares issued under its dividend reinvestment plan (DRIP) and expects to raise approximately C$2.7 billion of common equity prior to the closing date. BMO is committed to maintaining its target capital ratios and regular dividends within its target payout range. BMO will not proceed with establishing a normal course issuer bid and does not expect to repurchase shares prior to close.

A signature strength of the Bank of the West is the deep relationships formed between their employees, their customers and the communities they have served for over 100 years. As part of this transaction, BMO does not plan to close Bank of the West branches, is committed to retaining front-line Bank of the West branch employees, and enabling career development opportunities throughout BMO's North American footprint.

BMO and BNP Paribas will enter into a long-term distribution agreement for the provision of Equipment Finance and Cash Management solutions to BNP Paribas' customers in North America .

The transaction, which has been approved by the BMO and BNP Paribas Boards of Directors, is expected to close by the end of calendar 2022, subject to customary closing conditions, including regulatory approvals. Upon closing, BMO intends to merge Bank of the West into BMO Harris Bank N.A.

Shared Commitment to Employees, Consumers, Small Businesses, Underserved Communities and the Environment

BMO's Purpose, to Boldly Grow the Good in business and life , including commitments to a Thriving Economy, a Sustainable Future and Eliminating Barriers to Inclusion drives everything we do. It shapes our business strategies, product development, customer relationships and community engagement. Through BMO EMpower , BMO has committed US$5B over five years to address key barriers faced by minority businesses, communities and families in the U.S. by lending, investing, giving and engaging with communities it serves. BMO is also helping its customers make real financial progress through its offerings including new products like Bank On-certified Smart Money, a low-fee checking account with no overdraft or NSF fees. BMO looks forward to continuing the robust community engagement it's well known for.

With BMO's recognition as one of the world's most sustainably managed companies and Bank of the West's impressive sustainability platform and ESG track record, the transaction provides significant opportunities for collaboration in ESG investing and product innovation. Both companies have been named as leading U.S. employers by Forbes and are committed to creating purpose-driven workplace cultures motivated to win and support the communities they serve.

BMO Capital Markets and Morgan Stanley & Co. LLC acted as financial advisors and Wachtell, Lipton , Rosen & Katz and Osler , Hoskin & Harcourt LLP acted as legal counsel to BMO.

Investor Call

An investor call will take place December 20, 2021 at 8:00 am ET . BMO executives will discuss the transaction, followed by Q&A. The call can be accessed via webcast at www.bmo.com/investorrelations . Alternatively, there will be a listen-only number at 1 (800) 898-3989 or (416) 406-0743 (6578095#). Presentation material referenced during the conference call will be available at www.bmo.com/investorrelations .

A rebroadcast of this presentation will be available until midnight ET , January 14, 2022 , by calling 1 (800) 408-3053 or (905) 694-9451 and entering passcode 7155620#.

About BMO Financial Group

Serving customers for 200 years and counting, BMO is a highly diversified financial services provider - the 8th largest bank, by assets, in North America . With total assets of $988 billion as of October 31, 2021 , and a team of diverse and highly engaged employees, BMO provides a broad range of personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.

About Bank of the West

Headquartered in San Francisco , Bank of the West operates more than 500 branches and offices in 24 states (primarily in the Western and Midwestern parts of the United States ), employs more than 9,000 team members, and serves nearly 1.8 million customers. Bank of the West has a total balance sheet size of US$105 billion in assets and US$89 billion in deposits as of end September 30, 2021 .

As of June 2021 , Bank of the West has a deposit market share of approximately 3% in the top three states ( California , Colorado , and Oregon ), which account for over 80% of its deposits. Bank of the West markets a very broad range of retail banking products and services to individuals, small businesses and corporate clients. It also has strong positions across the United States in several specialised financing activities, such as marine, recreational vehicles, and agribusiness. To learn more about Bank of the West, visit About Us via BankoftheWest.com.

Cautionary statement regarding forward-looking information

Certain statements in this press release are forward-looking statements. All such statements are made pursuant to the "safe harbor" provisions of, and are intended to be forward-looking statements under, the United States Private Securities Litigation Reform Act of 1995 and any applicable Canadian securities legislation. Forward-looking statements in this document may include, but are not limited to, statements with respect to the expected closing of the proposed transaction, plans for the combined operations of BMO and Bank of the West, the financing of the proposed transaction, the financial, operational and capital impacts of the proposed transaction, our strategies or future actions, our targets and commitments, expectations for our financial condition, capital position, the regulatory environment in which we operate, the results of, or outlook for, our operations or for the Canadian and U.S. economies, and include statements made by our management. Forward-looking statements are typically identified by words such as "will", "would", "should", "believe", "expect", "anticipate", "project", "intend", "estimate", "plan", "goal", "commit", "target", "may", "might", "schedule", "forecast" and "could" or negative or grammatical variations thereof.

By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties, both general and specific in nature. There is significant risk that predictions, forecasts, conclusions or projections will not prove to be accurate, that our assumptions may not be correct, and that actual results may differ materially from such predictions, forecasts, conclusions or projections. The uncertainty created by the COVID-19 pandemic has heightened this risk, given the increased challenge in making assumptions, predictions, forecasts, conclusions or projections. We caution readers of this document not to place undue reliance on our forward-looking statements, as a number of factors – many of which are beyond our control and the effects of which can be difficult to predict – could cause actual future results, conditions, actions or events to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking statements.

The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: the possibility that the proposed transaction does not close when expected or at all because required regulatory approvals and other conditions to closing are not received or satisfied on a timely basis or at all or are received subject to adverse conditions or requirements; the anticipated benefits from the proposed transaction, such as it being accretive to adjusted earnings per share, ("EPS"), creating synergy opportunities and growing our U.S. operations are not realized in the time frame anticipated or at all as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations (including changes to capital requirements) and their enforcement, and the degree of competition in the geographic and business areas in which Bank of the West currently operates; the business of Bank of the West may not perform as expected or in a manner consistent with historical performance; the ability to promptly and effectively integrate Bank of the West; the ability to fund the proposed transaction from existing excess capital and anticipated capital generation and financing transactions on terms acceptable to BMO; BMO's ability to achieve it's capital targets; BMO's ability to cross-sell more products to customers; reputational risks and the reaction of Bank of the West's customers and employees to the transaction; diversion of management time on transaction-related issues; increased exposure to exchange rate fluctuations; and those other factors discussed in the Risks That May Affect Future Results section, and the sections related to credit and counterparty, market, insurance, liquidity and funding, operational non-financial, legal and regulatory, strategic, environmental and social, and reputation risk, in the Enterprise-Wide Risk Management section of BMO's 2021 Annual Report, all of which outline certain key factors and risks that may affect our future results and our ability to anticipate and effectively manage risks arising from all of the foregoing factors. We caution that the foregoing list is not exhaustive of all possible factors. Other factors and risks could adversely affect our results. Investors and others should carefully consider these factors and risks, as well as other uncertainties and potential events, and the inherent uncertainty of forward-looking statements.

Assumptions about BMO and Bank of the West's current and expected financial performance (including balance sheet, income statement and regulatory capital figures), expected financing for the proposed transaction (including participation in BMO's DRIP), expected closing date of the proposed transaction, expected synergies (and timing to achieve), integration and restructuring costs, assumed purchase price accounting (including fair value marks), costs of financing, foreign exchange rates, our assumed terminal value multiple, and future regulatory capital requirements, including the Office of the Superintendent of Financial Institutions' announced Basel III reforms effective in the second quarter of fiscal 2023, were considered in estimating the internal rate of return to BMO, adjusted EPS accretion and /or BMO's expected regulatory capital ratios.

Assumptions about our integration plan, the efficiency and duration of integration and the alignment of organizational responsibilities were material factors we considered in estimating transaction and integration costs.

We do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by the organization or on its behalf, except as required by law. The forward-looking information contained in this document is presented for the purpose of assisting shareholders and analysts in understanding the proposed transaction and may not be appropriate for other purposes.

SOURCE BMO Financial Group

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