Harris Investment Bank - Financial Window

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Harris Investment Bank, while no longer operating under that specific name, represents a significant piece of Chicago’s financial history and ultimately contributed to the BMO Financial Group we know today. Its story is one of growth, strategic acquisitions, and eventual integration into a larger entity.

Founded in 1882 as N.W. Harris & Co. by Norman Wait Harris, the firm quickly established itself as a prominent municipal bond dealer. This specialization proved lucrative as cities and towns across the burgeoning American landscape sought financing for infrastructure projects. Harris’s initial success was rooted in his shrewd assessment of risk and his ability to cultivate strong relationships with both issuers and investors.

Over the decades, Harris expanded its services beyond municipal bonds. By the early 20th century, it had become a full-service investment bank, offering corporate finance, underwriting, and brokerage services. This diversification allowed the firm to capitalize on the growing demands of the industrial revolution and the burgeoning stock market.

A crucial turning point came in 1907 when N.W. Harris & Co. was reorganized as Harris Trust and Savings Bank. This transformation signified a shift towards a more comprehensive banking model, incorporating traditional deposit-taking and lending alongside its existing investment banking operations. The new structure provided greater stability and access to capital, further fueling its growth.

Throughout the 20th century, Harris Trust and Savings Bank continued to prosper, establishing a strong reputation for financial prudence and customer service. It navigated the challenges of the Great Depression and the volatility of the post-war era, consistently demonstrating resilience and adaptability. This period saw further expansion into commercial banking and wealth management services.

However, the increasingly competitive landscape of the late 20th century prompted Harris to seek strategic alliances. In 1984, the Harris Bankcorp, Inc., as it was then known, was acquired by the Bank of Montreal (BMO). This marked a significant turning point, integrating Harris into a larger, international financial institution.

While the Harris name has gradually faded from the forefront of the industry, its legacy remains within BMO Harris Bank. The principles of sound financial management and client-focused service, ingrained during the Harris era, continue to influence BMO’s operations in the United States. The acquisition allowed BMO to establish a significant foothold in the US market, benefiting from Harris’s established network and deep understanding of the American financial landscape.

Today, BMO Harris Bank operates as a key component of BMO Financial Group’s North American strategy. Though the name on the door may have changed, the roots of the organization can be traced back to the pioneering work of Norman Wait Harris and his vision for a trusted and reliable financial institution.