Plans are now underway for the opening of 15 new banks in various southern Arizona locations that will be a part of the big Bank of Montreal chain.
The historic bank, launched in 1817 as the Montreal Bank, currently has more than 1,500 branches and is ranked as the eighth largest banking institution in North America with assets more than $1.5 trillion.
The bank operates in the U.S under its Chicago-based subsidiary BMO Financial Group.
Where the planned Arizona banks will be specifically located has not yet been announced, but various reports have indicated that the new offices will open their doors in both metro Phoenix and Tucson.
The time frame for the expansion is between now and 2031 and, more spectacularly, includes plans to open 130 new locations throughout California.
In a statement, Aaron Levine, president of the BMO Financial Group, described the new banks as “financial centers,” and said they would “provide our clients more opportunity to meet face to face with our teams to discuss their goals for their business and personal financial lives.”
Levine added that the new facilities would also provide “personalized guidance” for those clients.
The Bank of Montreal launched its first bank in the U.S. in New York City in 1818. The doors to its first Arizona location were opened in Phoenix in February of 2001.
April 23, 2026
By Garry Boulard
Bank Vault Photo courtesy of Unsplash
