OREANDA-NEWS. BMO Bank of Montreal today announced a financial relief program to assist its commercial customers in Western Canada affected by the significant drought conditions in the region.

"Across Western Canada, in particular Alberta and Saskatchewan, current drought conditions have the potential to negatively impact crop yields," said Steve Murphy, Head, Canadian Commercial Banking, BMO Bank of Montreal. "While the impact of the drought will not be fully known until the crop harvest is complete this fall, we want to ensure our farmers in these affected regions have the financial support now to help alleviate any future challenges."

The relief program for farmers impacted by the drought includes:

  • Deferred loan payments.
  • Reduced and/or waived fees on any application seeking increased or new financing accommodation.
  • Reduced and/or waived annual banking fees.

About BMO and Agriculture

BMO's roots in the Canadian agricultural sector date back to 1817, when the Bank first began working with farmers to support and expand the agricultural industry, which has become a key driver of Canada's economy. Today, BMO provides customized loan, deposit, cash management and card payment solutions to Canada's agri-business owners.

About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of approximately $633 billion as of April 30, 2015, and more than 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.