Marshall & Ilsley Corp., the largest lender in the state of Wisconsin, agreed Friday to be acquired by BMO Financial Group, the parent of Bank of Montreal.

The all-stock deal, valued at $4.1 billion, will more than double the number of BMO-operated bank branches in the U.S., BMO CEO Bill Downe said in a prepared statement. M&I has 374 branches scattered across the Midwest and some $38 billion in deposits.

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