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M & I Bank being sold to Canada's BMO

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Wisconsin's largest home-grown bank, with branch offices in Hudson, River Falls, Ellsworth, Woodbury, Minn., and 218 other locations in the two states, is soon to be owned by Canadians.

The BMO Financial Group of Toronto said Friday morning it would buy Milwaukee's Marshall and Ilsley Corporation for $4.1 billion.

The sale will involve an exchange of stock. BMO plans to raise $800 million in equity before the deal is expected to close next July.

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