What is BMO Harris Bank’s Ranking in the US? Find out the Surprising Answer to this Common Question!:Curious to know where BMO Harris Bank stands among the financial giants in the US? Well, you’re in luck! In this blog post, we’ll uncover the rank of BMO Harris Bank in the US banking industry. Whether you’re a banking enthusiast or simply looking for some financial trivia, this article will provide all the answers you need. So, buckle up and get ready to dive into the fascinating world of banking ranks and statistics. Trust me, you won’t want to miss it!
## BMO Harris Bank’s National Ranking
Understanding the Rank of BMO Harris Bank
BMO Harris Bank stands as the 24th largest bank in the United States as of June 30, 2022. This positioning is a testament to the bank’s substantial growth and its ability to adapt to the dynamic financial landscape of the US.
Financial Footprint
With over $166 billion in assets, BMO Harris Bank demonstrates robust financial health and a strong competitive stance in the banking industry. Headquartered in the bustling city of Chicago, Illinois, BMO Harris has expanded its reach with branches across several key states including Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Arizona, and Florida. This network underlines its commitment to providing accessible financial services to a diverse clientele.
Bankrate’s Ranking of BMO
According to Bankrate, a reputable financial comparison platform, BMO holds the 13th position in terms of total assets, with a significant figure of $263.3 billion. This ranking provides a broader perspective on BMO’s scale compared to its competitors.
RANK BANK NAME TOTAL ASSETS 12 State Street $290.9 billion 13 BMO $263.3 billion 14 Citizens Financial $222.8 billion 15 First Citizens Bank $209.4 billion
## BMO Harris Bank’s Historical Robustness and Stability
A Long-Standing Institution
With an impressive 205-year history, BMO Harris Bank has cemented itself as a pillar of financial strength and stability. Spanning over two centuries, the bank’s legacy is rich with innovation and steadfast service, which has earned it an A+ rating, reflecting high creditworthiness and trust.
Capital Strength
BMO Harris Bank’s 16% Common Equity Tier 1 ratio is a clear indicator of its strong capital position. This ratio is crucial as it measures a bank’s core equity capital compared with its total risk-weighted assets, and thus signifies the bank’s ability to withstand financial stress and protect its depositors.
## Is Your Money Safe in BMO Harris Bank?
FDIC Insurance and Peace of Mind
Customers of BMO Harris Bank can rest assured knowing that their deposits are safeguarded. As a member of the Federal Deposit Insurance Corporation (FDIC #16571), the bank provides insurance up to $250,000 per depositor for each account ownership category. This federal protection is a safety net that ensures your money is secure, even in the unlikely event of a bank failure.
Secure Investment Alternatives
Investment alternatives such as money market accounts and certificates of deposit at BMO Harris Bank offer added security and less risk compared to other investment options available through non-bank institutions. Opting for these FDIC-insured products means choosing peace of mind for your financial future.
## The Competitive Edge of BMO Harris Bank
Service Diversification and Asset Allocation
BMO Harris Bank boasts more than $1.1 trillion in well-diversified assets on its balance sheet. This staggering amount highlights not only the scale of operations but also the bank’s strategic asset allocation which mitigates risk and optimizes returns for its customers.
Geographical Presence and Accessibility
The bank’s extensive branch network across eight states provides customers with convenient access to a range of banking services. BMO Harris Bank’s commitment to expanding its geographical footprint ensures that both individual and corporate clients can rely on local and personalized banking solutions.
## Conclusion
BMO Harris Bank’s prominent ranking in the US banking sector is a reflection of its enduring commitment to financial excellence and customer service. With an A+ rating, a strong capital ratio, and federal insurance for customer deposits, BMO Harris Bank stands as a reliable institution for both existing and potential clients. Its storied history and significant asset base further cement its position as a leading player in the American banking landscape.
Whether you’re looking for security in your investments, access to a wide range of financial services, or the assurance that comes from banking with a venerable institution, BMO Harris Bank’s credentials speak volumes. It’s not just about where BMO Harris Bank ranks, but the trust and confidence it has built over 205 years of service that makes it a preferred choice for countless customers.
FAQ & Common Questions about BMO Harris Bank
Q: What rank is BMO Harris Bank in the US?
A: BMO Harris Bank is ranked 13th among banks in the US based on total assets.
Q: Is my money safe in BMO Harris Bank?
A: Yes, your money is safe at BMO Harris Bank. It is FDIC-insured, which means that the federal government protects your money up to $250,000 per depositor for each account ownership category in the event of a bank failure.
Q: What is the strongest US bank?
A: The strongest US bank based on total assets is JPMorgan Chase, with $3.31 trillion.
