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Chicago

BMO Harris Bank to close 9 locations in Chicago area amid retail woes

City will lose 2 branches and suburbs will lose 7 others

BMO Harris Bank CEO David Casper (Google Maps, BMO)

BMO Harris Bank CEO David Casper (Google Maps, BMO)

BMO Harris Bank will close nine branches — two in Chicago and the rest in the suburbs — continuing a trend of consolidation that picked up amid the pandemic.

Chicago’s second-largest bank by deposits, BMO Harris said the closures will take effect in December, according to Crain’s. It’s more bad news for Chicago’s retail market, where empty storefronts have proliferated along once-busy shopping corridors. The office market has fared even worse, with vacancies at record highs.

The Chicago locations are at 1242 N. Ashland Avenue in Wicker Park and 2865 N. Milwaukee Avenue in Logan Square, Crain’s reported.

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The closures account for 5 percent of BMO Harris’ 182 locations statewide, the report noted. The bank still has more than 500 branches in eight states.

Across Illinois, bank branches have continued to drop: There are now just under 4,000 branches, down about 4 percent year over year.

[Crain’s] — Connie Kim

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Coronavirus