Ebrahim Poonawala

Gabriel Dechaine

Mario Mendonca

Doug Young

John Aiken

Lemar Persaud

Paul Holden

Darko Mihelic

Meny Grauman

Matthew James Lee

Matthew Lee

Mehmed Rizvanovic

Mike Rizvanovic

Shalabh Garg

- **BMO** announced a strategic initiative to optimize its U.S. branch network, including the **sale of 138 branches** to **First-Citizens Bank & Trust Company**.  **[927971_20251016TO99581:0]** 
- The transaction involves First Citizens Bank assuming approximately **$5.7 billion in deposits** and purchasing approximately **$1.1 billion in loans**, with a net deposit premium of approximately **5 percent** paid on closing.  **[927971_20251016TO99581:0]** 
- **BMO** anticipates recording a goodwill charge of approximately **US$75 million (CAD$104 million)** in **Q4 2025** and a tax expense of approximately **US$85 million (CAD$117 million)** upon closing of the transaction, which is expected in **mid-2026**.  **[927971_20251016TO99581:0]** 
- Concurrently, **BMO** plans to open **150 new branches** over the next five years, focusing on densifying its presence in U.S. markets with strong growth potential, including California.  **[927971_20251016TO99581:0]**

BMO Announces U.S. Branch Network Optimization and Sale

- **Voxtur Analytics Corp.** announced on **September 29, 2025**, that affiliates of **Hale Capital Partners** (HCP-FVY, LLC and HCP Fund V-FVY, LLC) purchased Voxtur's existing senior secured indebtedness from **Bank of Montreal (BMO)**.  **[927971_bef2c05af8144b27ad8771262e19cbdf_0]** 
- As a direct result of this transaction, **Hale Capital** is now the **sole holder** of all obligations owed by Voxtur under the senior secured facility, including all related security documents, guarantees, collateral security, and ancillary agreements.  **[927971_bef2c05af8144b27ad8771262e19cbdf_0]** 
- This transaction is considered a **significant milestone**, bringing together Hale Capital's expertise in supporting high-growth technology companies with Voxtur's technology solutions.  **[927971_bef2c05af8144b27ad8771262e19cbdf_0]**

Voxtur Announces Purchase of Secured Indebtedness by Hale Capital Partners

- **BMO Capital Markets** has increased its year-end **2025 target for the S&P 500 to 7,000** from 6,700.  **[927971_87c2b3df643c41318b330ba793156309]** 
- This new target is now BMO's **base case**, driven by expected Federal Reserve rate cuts, strong corporate earnings, and broadening market performance.  **[927971_87c2b3df643c41318b330ba793156309]** 
- Optimism is also fueled by positive catalysts such as **AI advancements** and solid earnings across sectors, with **Apple** and **Nvidia** identified as key contributors.  **[927971_87c2b3df643c41318b330ba793156309]** 
- Brian Belski, BMO's chief investment strategist, described the market environment for 2025 as potentially a "**1995-1996 redux of goldilocks**," indicating favorable economic conditions.  **[927971_87c2b3df643c41318b330ba793156309]**

BMO Capital Markets Raises S&P 500 Year-End 2025 Target

- **Bank of Montreal** filed a Form 6-K on **September 22, 2025**, reporting the issuance and sale of **US$2,250,000,000** in Senior Notes.  **[927971_0001193125-25-211386_d948203d6k.htm:0]** **[927971_0001193125-25-211386_d948203dex52.htm:0]** **[927971_0001193125-25-211386_d948203dex51.htm:1]** 
- The issuance includes **US$750,000,000** of **4.062% Fixed/Floating Rate Senior Notes due 2028**, **US$1,000,000,000** of **4.350% Fixed/Floating Rate Senior Notes due 2031**, and **US$500,000,000** of **Floating Rate Notes due 2028**.  **[927971_0001193125-25-211386_d948203dex52.htm:0]** **[927971_0001193125-25-211386_d948203dex51.htm:1]** 
- Legal counsel confirmed that these notes constitute **valid and legally binding obligations** of the Bank of Montreal.  **[927971_0001193125-25-211386_d948203dex51.htm:1]** **[927971_0001193125-25-211386_d948203dex52.htm:2]**

Bank of Montreal Issues US$2.25 Billion in Senior Notes

- Discovery Silver Corp. has entered into an agreement for a **US$250 million** revolving credit facility, with an accordion feature for an additional **US$100 million**.  **[927971_b999f87a362440fa9726c2d0676f1e98_0]** 
- The syndicate providing the facility includes **Bank of Montreal (BMO)**, **Canadian Imperial Bank of Commerce (CIBC)**, and **National Bank of Canada (NBC)**.  **[927971_b999f87a362440fa9726c2d0676f1e98_0]** 
- This facility, which matures on **September 15, 2028**, is intended for general corporate and working capital purposes, including financing future investments.  **[927971_b999f87a362440fa9726c2d0676f1e98_0]** 
- Following this agreement, Discovery will terminate its existing **US$100 million** senior debt facility with Franco-Nevada GLW Holdings Corp..  **[927971_b999f87a362440fa9726c2d0676f1e98_0]**

Discovery Silver Corp. Secures US$250 Million Revolving Credit Facility

- Bragg Gaming Group has secured new credit facilities of up to **US$6.0 million** from the Bank of Montreal (BMO) to support its working capital and general corporate requirements.  **[927971_6d7c5f2bf1cb4f54907cfd09e223cef0_0]** 
- These new facilities replace prior indebtedness, with management expecting annualized borrowing costs to be **less than half** of the previous debt.  **[927971_6d7c5f2bf1cb4f54907cfd09e223cef0_0]** **[927971_6d7c5f2bf1cb4f54907cfd09e223cef0_1]** 
- The agreement includes financial covenants, such as maintaining a Total Funded Debt to EBITDA ratio not exceeding **2.50:1.00** and a Fixed Charge Coverage Ratio of not less than **1.25:1.00**.  **[927971_6d7c5f2bf1cb4f54907cfd09e223cef0_0]** 
- The company's cybersecurity incident, initially detected on **August 16, 2025**, is now resolved, with **no indication of personal information being affected** and **no material financial impact** on revenue or profitability expected.  **[927971_6d7c5f2bf1cb4f54907cfd09e223cef0_1]**

Bragg Gaming Group Secures Debt Facilities and Resolves Cyber Breach

- Bank of Montreal (BMO) reported an improvement in its Return on Equity (ROE) to **12%** as of the last quarter, up from **9.8%** for the full year last year, with a stated target of **15%**.  **[927971_tx_380789_1]** **[927971_tx_380789_10]** 
- The bank's impaired credit basis points significantly decreased from **66 bps** to **45 bps**, contributing **$300 million** in P&L improvement per quarter.  **[927971_tx_380789_1]** 
- BMO maintains a strong CET1 ratio of **13.5%** and has a continuous share buyback program, having repurchased **16 million shares** and planning to repurchase an additional **30 million shares** to reach its **12.5%** CET1 target.  **[927971_tx_380789_1]** **[927971_tx_380789_9]** 
- The company has reorganized its U.S. operations to accelerate ROE growth, aiming for **12%** in its U.S. business, which holds almost **$500 billion USD** in assets and is a top 10 bank in the country.  **[927971_tx_380789_3]**

Bank of Montreal Reports Strong ROE Progress and Strategic Capital Deployment

- Bank of Montreal (BMO) announced its intention to terminate its existing normal course issuer bid and establish a new one to purchase for cancellation up to **30 million** of its common shares.  **[927971_0001193125-25-188626_d81802dex991.htm:0]** 
- This new bid represents approximately **4.2%** of the public float as of July 31, 2025.  **[927971_0001193125-25-188626_d81802dex991.htm:0]** 
- As of August 22, 2025, BMO had already purchased **15.7 million** common shares under the existing bid.  **[927971_0001193125-25-188626_d81802dex991.htm:0]** 
- The new bid is subject to regulatory approvals from the Office of the Superintendent of Financial Institutions Canada and the Toronto Stock Exchange, and would commence following TSX acceptance, continuing for up to one year.  **[927971_0001193125-25-188626_d81802dex991.htm:0]**

Bank of Montreal Announces New Share Buyback Program

- Bank of Montreal's **Form 6-K** filing includes an exhibit detailing its earnings coverage ratios for the **12 months ended July 31, 2025**, and **October 31, 2024**.  **[927971_0001193125-25-188631_d84621dex991.htm:0]** 
- For the 12 months ended July 31, 2025, the **interest coverage on subordinated indebtedness** was **25.91 times**, an increase from **21.88 times** for the 12 months ended October 31, 2024.  **[927971_0001193125-25-188631_d84621dex991.htm:0]** 
- The **grossed up dividend coverage on Class B Preferred Shares and other equity instruments** was **24.17 times** for the 12 months ended July 31, 2025, up from **21.48 times** for the 12 months ended October 31, 2024.  **[927971_0001193125-25-188631_d84621dex991.htm:0]** 
- The **combined interest and grossed up dividend coverage** for the 12 months ended July 31, 2025, was **12.76 times**, compared to **11.09 times** for the 12 months ended October 31, 2024.  **[927971_0001193125-25-188631_d84621dex991.htm:0]**

BANK OF MONTREAL /CAN/ (BMO)