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BMO Harris Bank is closing nine of its 182 branches in the Chicago area in early December, reducing the bank’s footprint in the U.S. largest market by 5%.
Two Chicago branches will be closed in the Logan Square and Wicker Park areas, including suburban branches in South Holland, Aurora, Flossmore, Summit, Naperville, Barrington and Elmhurst, the bank said Monday.
“Our customers are changing how they run their banking with us and we are constantly evaluating the performance of all our operations, including our branches, so that we are in the best position to meet the growing needs of our customers,” BMO spokesman Patrick O’Harley said in an emailed statement.
The bank plans to close six locations outside Illinois in early December. BMO Harris has more than 500 branches in Illinois, Indiana, Riz Rizona, Missouri, Minnesota, Kansas, Florida and Wisconsin.
The number of bank locations in the U.S. reached 99,550 during 2009 – the end of the Great Recession – and digital banking has been declining every year since traction increased. According to S&P Global Market Intelligence, banks closed a record 3,324 branches across the country last year and opened 1,040.
According to S&P Global Market Intelligence, there are only more than 82,000 active bank branches remaining in the U.S. as of May 31, with the closure continuing this year.
As of June 30, 3,911 bank branches in Illinois closed 4.5% lower than the previous 12 months, according to data from the Federal Deposit Insurance Corporation.
Bank of Montreal, now known as BMO Financial Group, acquired Chicago-based Harris Bank in 1984. Chicago is the largest U.S. market for Canadian banking giants, with more than a third of its branches in Chicago and its suburbs.
Chicago-area BMO branches are closing 2865 N. Milwaukee Ave. And 1242 N. Ashland Ave. at Chicago; 44 W. In 162nd St. Holland; 2505 N. Farnsworth Ave. in Aurora; 2602 Flossmoor Road in Flossmoor; 7549 W. At the 63rd Summit; 507 S. Washington St. in Naperville. 150 Washington St. in Barrington. And 115 W. Third St. in Elmhurst.
Dozens of employees work in the nine branches of the closing Chicago-area BMO.
“We are committed to re-employing the majority of affected employees and will work actively for this in the coming weeks and months,” O’Herley said. “In cases where this is not possible, we provide appropriate instructions and dissections to help with the employment transition.”
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