Business
1:12 pm
Tue June 26, 2012

South Beloit BMO Harris Bank will close

The BMO Harris Bank location in South Beloit will be among the 24 bank branches to be closed in October as part of merger activities with Wisconsin banking company Marshall & Ilsley Corp.

The South Beloit branch was acquired in 2010 when Rockford-based AMcore bank was closed by regulators and the assets sold to Chicago-based BMO Harris.

BMO spokesman Jim Kappel said customers at that branch will be able to use an M&I branch across the state line in Beloit, Wis.  

The closings, which also affect 16 BMO Harris branches and one M&I branch in Wisconsin, will eliminate about 130 jobs. Kappel said efforts will be made to place employees in some of the more than 600 open positions available in the company. BMO has 660 branches in all.

The M&I bank locations will be renamed BMO Harris Bank.

 “We are notifying our customers and employees three months in advance of the closures to ensure they have a good amount of time to help in the transition to a new branch," Kappel said. "These are decisions we do not take lightly as we understand these changes will result in the loss of positions for some employees."

Toronto-based BMO acquired Milwaukee's M&I, which at the time was the largest bank based in Wisconsin, for $4.1 billion a year ago.