BMO Financial Group to Acquire Bank of the West for $16.3 Billion

BMO to Acquire Burgundy Asset Management

June 19, 2025

Wealth Management

BMO and Burgundy Asset Management Ltd. signed a definitive agreement for BMO to acquire Burgundy for approximately $625 million. The transaction is expected to close by the end of calendar 2025, subject to customary regulatory approvals and other closing conditions.

National Bank of Canada to Acquire Canadian Western Bank

June 11, 2024

Financial Services

National Bank of Canada entered into a definitive agreement to acquire all outstanding common shares of Canadian Western Bank in a share-exchange transaction valuing CWB at approximately $5.0 billion. The deal (exchange ratio 0.450 NB shares per CWB share) expands National Bank's footprint in Western Canada, is expected to close by the end of 2025 subject to shareholder and regulatory approvals, and is supported by an approximately $1.0 billion equity financing including a private placement to CDPQ.

MidWestOne Financial Acquires Denver Bankshares (Bank of Denver)

September 27, 2023

Financial Services

MidWestOne Financial Group, Inc. entered into a definitive agreement to acquire Denver Bankshares, Inc., the parent company of the Bank of Denver, for $32.6 million in cash. The deal (expected to close Q1 2024) adds approximately $271.5 million in assets, $198.0 million in loans and $242.0 million in deposits and is intended to accelerate MidWestOne's expansion and scale in the Denver market.

U.S. Bancorp to Acquire MUFG Union Bank’s Core Regional Banking Franchise

September 16, 2022

Financial Services

U.S. Bancorp agreed to acquire MUFG Union Bank's core regional banking franchise from Mitsubishi UFJ Financial Group. The deal is designed to deepen U.S. Bank’s West Coast footprint, expand customer access to technology and services, and includes a five-year $100 billion community benefits plan. U.S. Bancorp has received all required U.S. regulatory approvals and expects to close before the end of 2022, pending Japanese regulatory approval and other closing conditions.

Cathay General Bancorp Acquires HSBC's West Coast Retail Banking Business

February 7, 2022

Financial Services

Cathay General Bancorp (through Cathay Bank) completed the purchase of HSBC Bank USA, N.A.'s West Coast mass retail consumer banking and retail business banking business, adding 10 retail branches in California and associated loans and deposits. The deal expands Cathay's branch network and consumer/business banking footprint on the U.S. West Coast.

Banc of California to Acquire Pacific Mercantile Bancorp

March 22, 2021

Financial Services

Banc of California, Inc. agreed to acquire Pacific Mercantile Bancorp in an all-stock merger valued at approximately $235 million. Pacific Mercantile’s shareholders are expected to receive 0.5 shares of Banc of California common stock per share, with the deal slated to close in the third quarter of 2021 subject to regulatory and shareholder approvals.