CHICAGO — The Bank of Montreal announced Friday its acquisition of the Milwaukee-based Marshall & Ilsley Corp. in a $4.1 billion stock deal.

The 163-year-old M&I is Wisconsin’s top bank, with a commercial banking presence that reaches into Arizona, Florida, Indiana, Kansas, Minnesota, Missouri, and Nevada and a smaller broker-dealer operation. The acquisition extends the reach of the Bank of Montreal, whose parent is BMO Financial Group, in the U.S. market, where its commercial banking operations are conducted under its Harris Bank unit.

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