Regulators’ July 14 virtual public meeting eyes acquisition of San Francisco bank, holding company

A joint public meeting on a proposal by Bank of Montreal, Montreal, Canada, and BMO Harris Bank National Association, Chicago, Ill., to acquire BancWest Holding Inc. and Bank of the West, both of San Francisco, Calif., is slated for 11 a.m. ET on July 14, two federal banking agencies said Monday.

The joint meeting by the Federal Reserve and the Office of the Comptroller of the Currency (OCC) is to collect information from stakeholders as the agencies evaluate the proposed applications. As noted in another similar announcement (involving a Toronto institution acquiring a Tennessee bank, the agencies are required by statute to evaluate:

  • the convenience and needs of the communities to be served by the combined organization;
  • the insured depository institutions’ performance under the Community Reinvestment Act (CRA);
  • competition in the relevant markets;
  • the effects of the proposal on the stability of the U.S. banking or financial system;
  • the financial and managerial resources and future prospects of the companies and banks involved in the proposal; and
  • the effectiveness of the companies and banks in combatting money laundering activities.

Members of the public seeking to present oral comments must register by noon ET on June 23 through the online registration webpage. Further information and requirements to present, as well as information to register to view the public meeting, are available in the attachment from the agencies.

The Fed and OCC also on Monday extended the public comment period for the applications related to this proposal through July 19.

Agencies Announce Public Meeting on Proposed Bank of Montreal Acquisition of BancWest Holding Inc. and Bank of the West; Public Comment Period Extended