BMO To Rename US Retail Bank; Drops Marshall & Ilsley Name
April 05 2011 - 5:57PM
Dow Jones News
Bank of Montreal (BMO) will drop the Marshall & Ilsley Corp.
(MI) 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.
-By Caroline Van Hasselt, Dow Jones Newswires; 416-306-2023;
caroline.vanhasselt@dowjones.com
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