Pasadena, Calif.-based CIT Bank NA on Jan. 1 completed its acquisition of Omaha, Neb.-based Mutual of Omaha Bank, a homeowner association deposit channel.
The purchase price was about $1 billion, composed of $850 million in cash and about 3.1 million shares of CIT Group Inc. stock issued to Mutual of Omaha Insurance Co. The transaction includes $6.8 billion in deposits, $4.5 billion of which are community association deposits and $8.3 billion of total assets, including $3.9 billion of middle-market commercial loans, as of Sept. 30, 2019. With the deal, CIT Bank NA has about $42 billion of total deposits and $60 billion of total assets, based on Sept. 30, 2019, financial data, according to a news release.
Mutual of Omaha Bank's retail branches will be adopting the CIT Bank brand over the coming months. Meanwhile, customer accounts can still be accessed through Mutual of Omaha Bank branches, website, mobile apps and relationship managers.