For the second straight year since buying Wisconsin’s largest bank, BMO Harris Bank has seen its deposits plummet in the Milwaukee area.
BMO Harris’ Milwaukee area deposits fell 18.3 percent in the year ending June 30, 2013, to $9.19 billion from $11.25 billion at the same point in 2012, according to recently released Federal Deposit Insurance Corp. data.
BMO Harris remains No. 2 in deposits in Wisconsin’s largest city and its suburbs, but at 16.3 percent its market share is a distant second to Minneapolis-based U.S. Bank, which has 36.7 percent share. As recently as 2010, Marshall & Ilsley Bank, which BMO Harris’ Toronto-based parent BMO Financial Group acquired for $4.1 billion in mid-2011, was the No. 1 bank in Milwaukee, its home town.
But BMO Harris’ deposits in Milwaukee have fallen 30 percent in the two years since that deal closed.
Read more in Crain’s Chicago Business.
