BMO Financial Group today named Ellen Costello as CEO of Harris Bankcorp, replacing Frank Techar, who was recently appointed president and CEO, personal and commercial banking in Canada.

With accountability for executing the company’s U.S. personal and commercial growth strategy, Costello will move to Chicago from New York, where she held the position of vice chairwoman and head, BMO Capital Markets, New York.

Her appointment is effective August 1 and she will report to Bill Downe, COO, BMO Financial Group.

Three key leadership changes were also announced today, effective August 1. Timothy Crane is named president, community banking, Harris Bankcorp and Peter McNitt is named vice chairman of Harris Bankcorp and head of Business Banking. Yasmin Bates is appointed executive vp, community affairs and economic development, Harris Bankcorp. They will report to Costello.

Chuck Tonge continues in his current role as vice-chairman, Harris Bankcorp, with responsibility for acquisitions and business development. He will also report to Costello.

In their new roles, Crane will be responsible for personal banking while McNitt will be responsible for business banking. Crane was previously executive vp, Chicagoland – north division. McNitt was previously executive vp, business banking division. Bates previously served as executive vp, Chicagoland – south division.

Commenting on the appointments, Tony Comper, President and CEO of BMO Financial Group, said, “Together, these executives bring extensive leadership experience to the important task of executing our strategy and taking Harris through its next phase of profitable growth. This is a team of proven leaders who are customer-focused and results-oriented, and I am confident they will do an outstanding job. On an historical footnote, I am pleased to note that Ellen is the first woman CEO in Harris’ 120-year history.”

A native of Boston, Mass., Costello, 51, began her career in community banking at another financial institution before joining BMO Financial Group in 1983. During her tenure at BMO, she has held a broad range of leadership positions across corporate banking and capital markets in the U.S., Canada and Asia. She has extensive experience in managing complex, client-focused businesses and leading change initiatives. Most recently, she has been responsible for securitization, credit investment management and merchant banking, in addition to her responsibilities as head of BMO Capital Markets, New York.

Costello has a BBA from St. Francis Xavier University and holds an MBA from Dalhousie University in Canada.