BMO Earns "Outstanding" Rating for its Community Reinvestment Act Performance

• BMO cited as a leader in providing community development loans designed to help low and moderate-income areas
• Third consecutive time BMO has earned an Outstanding rating on the performance evaluation
• Fewer than 10% of banks received a CRA rating of Outstanding over the past 10 years

CHICAGO, Dec. 12, 2023 /PRNewswire/ - BMO today announced it has received an overall rating of Outstanding from the Office of the Comptroller of the Currency (OCC) for its Community Reinvestment Act (CRA) Performance Evaluation. Over the past 10 years, fewer than 10 percent of banks received a CRA rating of Outstanding, the highest possible rating. This is the third consecutive time BMO has earned an Outstanding rating in the evaluation. In addition, BMO also achieved individual Outstanding ratings in the Investment and Service test categories.

"Achieving an Outstanding CRA rating is no small feat, especially while navigating a global pandemic and finalizing preparations for the approval, closing and integration of Bank of the West," said Darrel Hackett, Chief Executive Officer, BMO Financial Corp. "This recognition reaffirms our commitment to living our Purpose, to Boldly Grow the Good in business and life. At BMO, success isn't solely measured by financial performance, but also by the impact we have on the individuals, families, and communities we serve and how our growth allows us to grow more good in our communities. We will continue to prioritize community reinvestment, working closely with our local partners and stakeholders, driving progress for a more equitable future."

The OCC evaluates banks' performance in helping customers, businesses and local communities meet their credit needs, which include low- and moderate-income (LMI) individuals, LMI neighborhoods, and small businesses, consistent with safe and sound operation and banking practices. The OCC rates banks according to how well they honor the requirements of the federal law.

The performance evaluation cites BMO as a leader in making community development loans designed to help low- and moderate-income areas and for activities in the service test categories. From the Jan. 1, 2020, to Dec. 31, 2022, period evaluated, this included:

• 1,018 community development loans totaling over $4.5 billion, which included 648 Paycheck Protection Program (PPP) loans totaling over $1.6 billion
• 2,107 investments totaling over $1.6 billion
• 16,244 volunteer hours, which included 600 financial education events reaching 13,697 individuals

Examiners did not include data from Bank of the West as the exam was completed before the acquisition was finalized.

BMO is proud to build on the progress of its strong community support with EMpower 2.0, a more than $40 billion commitment to supporting organizations in communities across the United States.

EMpower 2.0 tackles barriers to inclusion in the financial services industry by increasing opportunities for affordable home ownership and supporting the growth of small businesses in low to moderate income neighborhoods. It also strengthens these communities through investments and lending to support affordable housing and economic development as well as philanthropic giving.

Through lending, investing, giving and engagement BMO is addressing key barriers faced by minority businesses and families in the communities it serves.

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.3 trillion as of October 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

SOURCE BMO Financial Group