Bank of Montreal 2004 Annual Report Download - page 42

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Our Lines of Business
Chicagoland Banking offers a full range of consumer loan and deposit products, including deposit and investment services,
mortgages, consumer credit, business lending, cash management and other services.
Strengths
•A rich heritage of more than 120 years in the Chicago area,
with the established Harris brand and a strong customer
service orientation.
•168 premier branch locations in communities in the
Chicago area.
•Deep relationships with local communities, businesses and
their leaders that have been forged over many years.
•A community banking business model providing superior
customer care, competitive product offerings and strong
sales management and marketing capabilities.
•Ability to leverage the capabilities and scale of BMO
Financial Group.
BMO Financial Group Annual Report 200438
MD&A
Management’s Discussion and Analysis
Chicagoland Banking
Group Description
Chicagoland Banking serves personal and business clients with a full suite of financial
products and services. We do this through an effective community banking model
that emphasizes local knowledge and commitment. We strive to excel at customer
service, supported by a premier network of convenient, attractive branches, an effective
distribution network and disciplined sales management.
Vision
To be a top-tier U.S. Midwest personal and business bank by c
ombining local
community banking with the support and resources of a major North
American
financial services company.
Strategies
•Continue to improve our top-tier customer service, leading to deeper
customer relationships.
•Expand our distribution network by opening new branches and continuing
to pursue attractive acquisitions in Illinois, surrounding states and other
high-growth markets across the United States.
•Improve productivity by increasing operational efficiency and optimizing
our sales effectiveness.
Challenges
•Slowing mortgage demand in a rising rate environment.
•Continuing pressure on net interest margins.
•New competitors aggressively entering our markets.
•
Limited availability of attractive acquisition targets and quality
locations for expansion at a reasonable cost.
Key Performance Drivers 2004 2003 2002
Core deposit growth (%) 11 916
Loan growth (%) 19 25 26
Cash productivity ratio (%) 70.8 73.5 75.2
Number of branches 168 153 145
Frank J. Techar
President and Chief Executive Officer, Harris Bankcorp