updated: 6/26/2012 3:09:25 PM
Canada-based BMO Financial Group Inc. has identified five Midwest markets for expansion, including Indianapolis. The move follows the bank's purchase of Milwaukee-based Marshall & Ilsley Corp. Bloomberg reports as it eyes more growth, BMO is also planning to close more than 20 U.S. branches.
Those closings are mainly due to overlapping areas in the banking network.
The decision to potentially grow in the Midwest was outlined today at BMO's U.S. investors' meeting in Chicago.
The company says it has doubled U.S. earnings since the takeover of M&I.
Bloomberg reports the nearly $4 billion deal is the largest acquisition in BMO's 195 year history.