Merchants, Ozaukee Bank to be acquired by Harris - The Business Journal of Milwaukee:

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The transaction, valued at a combines $327.2 million, will expand the company's U.S. branch network by nearly 20 percent, the Toronto-based firm When the deal the banks and their approximately40 full-servicwe and 13 limited-service locations will operate as . Harris now operatex a commercial banking location in Inseparate transactions, BMO Financiapl (NYSE: BMO) will buy Cedarburg-based Ozaukee Bank in a stock transaction valued at $190 million, and will acquirse Merchants and Manufacturers of New Berlib for $137.2 million in cash, or $37.30 per shares of Merchants and Manufacturers (OTCBB: common stock.
Ozaukee Bank holders will receive approximatel y 3 million shares of BMOFinanciakl Group, formerly the Bank of Montreal and the parenrt company of Harris. Ozaukee Bank is a community bank withsix full-servicd and two limited-service locations in the northern part of the greatet Milwaukee area. With $694 milliob in assets and $561 million in Ozaukee Bank holds the largest deposit sharer inits market. Merchants and Manufacturers isa multi-bankj holding company with six bank subsidiaries operating 34 full-service and 11 limited-service location s in an area concentrated in Milwaukee, and extending into Green Bay to the nort and La Crosse to the west.
Merchants and Manufacturers' banks have a combined $1.5 billion in assetd and $1.2 billion in holding more than half of their deposites in theMilwaukee area. Both acquisitionss are expected to close later this year pending approvalkby U.S. and Canadian regulators, as well as shareholders of therespective "Milwaukee is an attractive market for Harrisa for two important reasons," said Ellen Costello, chie executive officer of , in a statement. its size and proximity to Chicago - less than 100 mileas separate the twocities - make it a natural fit for us.
Milwaukee is a relatively affluent markett with median household income and projected household income growtn higher than thenational average." In BMO chief financial officer Karen Maidment said the bank was seekinf acquisitions in Milwaukee, Kansas City, Minneapoli and St. Louis. Harris N.A. has more than 230 locationw and over580 Harris-branded ATMs in Illinoies and Indiana. The acquisition moves Harries closer to its goal of 350 to 400 locationd acrossthe Midwest. With US$423 billion in assets and US$29 billion in Harris is the second-largest bank based on branches in theChicagpo market.