Bank of Montreal (BMO) said it will rename its U.S. consumer lending business BMO Harris Bank, from Harris Bank, after it completes its $4.1 billion takeover of Marshall & Ilsley (M&I).

Canada’s fourth-biggest bank will also reorganize its U.S. management structure, tapping M&I executives for new roles.

Mark Furlong, M&I’s chief executive officer, becomes CEO of BMO Harris Bank, reporting to Bank of Montreal CEO William Downe.

Ann Benschoter, head of M&I’s corporate banking, becomes executive vice president, P&C headquarters.

On December 17, 2010, monitordaily reported that BMO Financial Group and Marshall & Ilsley announced they entered into a definitive agreement under which BMO will acquire all outstanding shares of common stock of M&I in a stock-for-stock transaction. The deal values M&I shares 34% higher than yesterday’s (Dec. 16) closing price of $5.79% on the NYSE. The transaction, which has been approved by the BMO and M&I boards of directors, is expected to close prior to July 31, 2011.