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CIT Group to acquire Mutual of Omaha Bank for $1 billion

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Christian Fernsby ▼ | August 13, 2019
Mutual of Omaha Bank
Acquisition   Mutual of Omaha Bank

CIT Group and Mutual of Omaha announced a definitive agreement for CIT's banking subsidiary, CIT Bank, N.A., to acquire Mutual's savings bank subsidiary, Mutual of Omaha Bank, for a purchase price of $1 billion.

Topics: CIT Group Omaha

The purchase price will be comprised primarily of cash and up to $150 million of CIT common stock, the amount of which will be determined by CIT.

The transaction will diversify and enhance CIT's funding profile with stable, lower-cost deposits from Mutual of Omaha Bank's market-leading homeowner's association (HOA) banking business.

In addition, it will advance CIT's strategic plan, extend its commercial banking capabilities and enhance profitability.

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