Steve Hayes, Managing Director, Georgia and Tennessee Market Executive, BMO Commercial Bank

Focus: spoke with Steve Hayes, market executive at BMO Commercial Bank, about the bank’s growth strategy in the Southeast, Atlanta’s competitive advantages, and the role of relationship banking in supporting long-term economic development. “We want businesses across Atlanta and Georgia to know that BMO is investing in this market and committed to helping drive economic growth and opportunity,” Hayes said.

How would you describe BMO’s role in the broader Atlanta region?

BMO has been operating in Georgia and across the Southeast, including Florida, for about eight years. During that time, we navigated COVID and completed the acquisition of Bank of the West. More recently, we have accelerated our growth ambitions in the U.S., particularly across the Southeast, through investments in leadership, talent, and client coverage.

We have strengthened our national and regional leadership teams and continue to invest in key markets across the country. While BMO has been serving clients in the Southeast for several years, we see a significant opportunity to expand our presence and deepen relationships throughout the region.

A big reason for that is the strength of the region itself. There is a strong argument that the southeastern United States is one of the most vibrant economic regions in the world. The area continues to attract businesses relocating from other parts of the country, new investment, and significant population growth. What is particularly interesting is that much of that migration consists of younger, educated professionals moving from major markets such as New York, Chicago, Los Angeles, and San Francisco.

You can see the data, but you can also feel it when you are in Atlanta and talking with clients. They feel that growth every day.

One of the things that attracted me to BMO is that it strikes a balance between being a nimble institution and being part of a major international bank. We are entrepreneurial and flexible, but we also have the infrastructure, capabilities, and expertise that come with being the seventh-largest bank in North America. That combination allows us to move quickly for clients while still delivering large-bank capabilities.

Among commercial clients, what trends are you seeing across the Southeast region?

One major trend is the continued growth of international companies establishing or expanding U.S. operations in the Southeast. We created a multinational corporations group specifically to serve the U.S. subsidiaries of international businesses because we see so much activity in that space.

If you are an international company entering the U.S. market, you want a location that is business-friendly, supported by a strong workforce, and connected through world-class infrastructure. Atlanta offers all of those things.

The airport is a tremendous advantage. You can reach virtually anywhere in the world directly or with a single connection. The Port of Savannah continues to expand its role, and the transportation infrastructure across the region supports large-scale business activity. You can see examples of that in projects such as Hyundai’s EV manufacturing investment and many of the other industrial developments taking place across the state.

There is also a misconception that Latin American business activity in the United States is concentrated only in Texas or Florida. Georgia has become a major destination as well. Because of the airport, the logistics infrastructure, the geographic location, and the Spanish-speaking population, many Latin American companies see Atlanta and Georgia as attractive places to establish operations.

The international diversity of the region is one of its greatest strengths. It enriches the community, but it also creates business opportunities because companies are able to connect with customers, employees, and partners from around the world.

What industries are presenting the strongest growth opportunities in metro Atlanta?

Engineering and construction are among the fastest-growing sectors we are seeing. We project strong growth in that industry over the next several years, and you only need to look around Atlanta to understand why. Construction activity is everywhere.

BMO is somewhat unique in that we have a national practice dedicated specifically to engineering and construction firms. Many banks are cautious about lending to construction-related businesses because projects are large, complex, and often take years to complete. We have embraced that sector and built expertise around it.

Data centers are another major growth area. We are actively engaged in conversations around significant data center investments in Georgia. As artificial intelligence and advanced technologies continue to evolve, the need for supporting infrastructure will only increase.

Georgia is well positioned to capture that growth because it has the available land, transportation assets, and broader infrastructure needed to support these developments. More broadly, Atlanta benefits from an extraordinary combination of assets, including transportation networks, access to talent, a diverse population, and strong connectivity to domestic and international markets.

What are business leaders telling you about their financing needs today?

Growth creates demand for capital, and there is a tremendous amount of demand throughout the region. No single institution can satisfy all of it. At BMO, we have decided that the Southeast is a place where we want to invest heavily. That means investing in people, facilities, and our balance sheet. We are looking for opportunities to support companies that are contributing to the growth of Atlanta and Georgia.

We want everybody to know that we’re open for business, and we want to be a real driver of economic success in Atlanta.

One challenge for us is brand awareness. In Canada, where BMO has been operating for more than two centuries, everyone knows who we are. The same is true in many parts of the Midwest and California. In the Southeast, however, we are still introducing ourselves to many companies.

What we have found is that once people understand our approach, they respond very positively. We focus on relationships and long-term partnerships rather than simply transactions. We prefer direct engagement with business leaders and clients, and that approach resonates strongly in this market.

How do you see BMO contributing to broader regional economic growth through partnerships?

Partnership is central to our philosophy. We participate in chambers of commerce and support community initiatives, but our approach goes beyond that.

We do not view banking as a zero-sum game. We frequently participate in lending syndications and work alongside other financial institutions because helping companies grow often requires collaboration. We also work closely with private equity firms, venture capital groups, family offices, and entrepreneurs.

We want to be an active participant in the broader business ecosystem.

Another important area is advisory support. We have a corporate advisory group that helps clients think through ownership transitions, succession planning, ESOP structures, exits, and other long-term strategic decisions. Many middle-market businesses do not have the resources to engage large consulting firms for every challenge they face. Being able to provide that expertise as part of a banking relationship creates meaningful value.

Our goal is not simply to provide financing. We want to help clients make decisions that position them for long-term success. If we lend money to a company, we want that company to thrive for years to come. That requires a true partnership mentality.

BMO’s culture is rooted in long-term relationships, both internally and externally. That philosophy shapes how we serve clients, support our communities and approach partnerships across the markets where we operate.

How important is local presence in serving Atlanta’s business community?

Having a local presence is extremely important. One of the most common questions we receive from prospective clients is whether our bankers and specialists are actually located in Atlanta. Prospective clients want to know whether the treasury professional, foreign exchange specialist, or relationship manager is local.

Business leaders want people who understand the market. Business leaders value bankers who can visit their facilities, walk through their operations, and gain firsthand knowledge of their businesses. That is particularly important in the middle market, where relationships often drive decision-making.

Many institutions have centralized functions in an effort to create efficiencies, but clients consistently tell us they value local access and local expertise. Having people on the ground does cost more, but in our view, it is worth the investment.

Clients want decision-makers who understand their communities, can develop relationships over time, and know the market, understand local opportunities, and appreciate the challenges businesses face.