2/18/2023 0 Comments Mutual of omaha hoa![]() "We are excited to welcome the teammates and clients of Mutual of Omaha Bank to the CIT family," Alemany continued. In total, CIT now has approximately $42 billion of total deposits and $60 billion of total assets 1. ![]() 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. The purchase price was approximately $1 billion, comprised of $850 million in cash and about 3.1 million shares of CIT stock, which were issued to Mutual of Omaha Insurance Co. These capabilities complement CIT's core strengths and will allow us to unlock greater potential and create an even stronger company." "The addition of the homeowner association deposit channel has significant growth potential and will reduce CIT's overall cost of funds, and the middle market banking franchise will expand our footprint and customer base. "The completion of this transaction accelerates CIT's strategic plan to further enhance our capability as a leading national bank and create additional long-term shareholder value," said CIT Chairwoman and Chief Executive Officer Ellen R. The acquisition will also build on CIT's commercial banking strengths through the addition of relationship banking teams and expanded product and technology solutions. This transaction advances CIT's strategic plan through the addition of a stable, lower-cost homeowner association deposit channel from the market-leading community association banking business. (NYSE: CIT) today announced that its banking subsidiary, CIT Bank, N.A., completed the acquisition of Mutual of Omaha Bank on Jan. ![]()
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