BMO Financial Group

BMO Financial Group
BMO Bank of Montreal

BMO Bank of Montreal

January 26, 2011 10:00 ET

BMO Announces Relief for British Columbia Farmers Affected by Last Fall's Extensive Rains

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2011) - With many Fraser Valley farmers from Chilliwack to the Richmond/Delta/Ladner area of the province having suffered significant crop losses because of this past September's extensive rains, BMO Bank of Montreal today announced financial farm relief for its British Columbia agricultural customers.

"With almost six times the normal rainfall, many vegetable growers had no choice this harvest season but to stand back and watch good quality potato and other crops rot in the overly saturated soil," said Derral Moriyama, Senior Vice President, Commercial Banking, Greater Vancouver District, BMO Bank of Montreal. "Now with a clear picture of the full extent of the losses, estimated by the BC Vegetable Marketing Commission as high as 57,000 tons, we are taking action to assist our customers and residents of the communities that have been affected. We hope that these initiatives will help alleviate some of the difficulties they face as they look ahead to a new growing season," added Mr. Moriyama.

Under this financial farm relief, BMO customers can apply for:

  • Deferred principal payments
  • And/or a waiver of new loan application or renewal fees.

This initiative is specifically designed for producers directly affected by the heavy rainfall and those in related industries who will face cash-flow challenges in the coming months given their dependence on a productive agriculture industry.

"We've always stood by our customers, through good times and challenging times, and we're ready to assist them now. We invite our customers to visit their local BMO branch and sit down with their Account Manager to discuss their particular need, " said Gail Cocker, Senior Vice President, Commercial Banking, BMO Bank of Montreal.

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. 


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