A Toronto-based financial institution now has a downtown Grand Rapids location.
Toronto-based BMO Financial Group, which has its U.S. headquarters in Chicago, said Wednesday, May 25, it recently opened a temporary commercial banking office at 250 Monroe Ave. NW, Suite 400, in downtown Grand Rapids.
The office is led by BMO’s Michigan Managing Director James Hess. The team currently is exploring permanent locations for the Grand Rapids branch.
BMO offers commercial banking services to many industries, typically organizations with $20 million in annual revenue.
The Grand Rapids office is comprised of five commercial bankers focused on equipment finance and treasury and payment solutions for industries such as manufacturing, distribution, transportation, engineering and construction, food, and business services.
“Grand Rapids and the surrounding area represent a very appealing market for us, given the growth potential and its proximity to our footprint in both the United States and Canada,” said Ray Whitacre, co-head, U.S. commercial banking, BMO Financial Group. “We’ve had commercial clients in Michigan for decades, but with this office, we can provide the breadth and depth of BMO’s capabilities and services to our existing and prospective clients from a team of experienced commercial bankers who are based in the area and know the market well.”
Hess said BMO’s cross-border banking capabilities set the institution apart.
“(C)onsidering that Canada is Michigan’s top export market, we see tremendous opportunity to serve clients doing business on both sides of the border,” he said.
BMO Financial Group
With roots dating to 1817, BMO is a diversified financial services provider with total assets of $1.02 trillion as of Jan. 31.
The institution provides personal and commercial banking, wealth management and investment banking products and services to more than 12 million customers.