BMO Bank of Montreal

BMO Bank of Montreal

April 20, 2011 11:10 ET

As Flood Waters Begin to Rise, BMO Encourages Prairie Farmers to Develop Contingency Plans

WINNIPEG, MANITOBA and REGINA, SASKATCHEWAN--(Marketwire - April 20, 2011) - With the growing potential for spring flooding, and an increased chance of crop damage in the coming months, BMO Bank of Montreal is encouraging its commercial customers that may be affected by flood damage this spring to sit down with their BMO banking advisor and develop contingency plans.

"As environmental authorities raise the potential of severe flooding this season, and everyone watches the weather to see the impact on rising water levels, farmers we speak to are concerned about the potential for another season of property and crop damage," said Robert Hayes, Senior Vice President, Prairies, BMO Bank of Montreal. "While we are hopeful that we don't have a repeat of last year, at BMO we are encouraging our customers to come in and speak to their advisor, and develop a plan that will help them with any potential cash flow challenges, should this early flooding worsen in the weeks ahead," added Hayes.

Last year, BMO Bank of Montreal launched a financial relief program to assist farm and rural customers adversely affected by the widespread flood damage.

"We've always stood by our customers, through all cycles of their business. While at this point the situation is unpredictable, what is clear is that it has the potential to affect the livelihoods of many of our customers," said Gail Cocker, Senior Vice President, Commercial Banking, BMO Bank of Montreal. "We are making sure that our local BMO branches and Account Managers are in a position to help our customers plan for what could be potentially damaging flooding this season," added Ms. Cocker.

About BMO Bank of Montreal

BMO's roots in the Canadian agricultural sector date back almost 200 years, to 1817, when it first began working with farmers. Today, BMO enjoys a well-founded reputation for providing customized loan and deposit solutions to Canada's agri-business owners, the single largest core commercial sector that the bank serves.

In addition to last year's Financial Flood Relief Program, BMO Bank of Montreal offers programs and products including a specialized farm-equipment line of credit, flexible farm mortgages, and BMO's new AgriInvest Savings Account, which allows agricultural customers to double their savings by generating matching government funds. The savings rate on BMO AgriInvest account balances is 1 per cent, which as much as doubles what farmers are currently earning and what other financial institutions are paying.

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