CIT Group Finalizes Acquisition of Mutual of Omaha Bank, Expanding National Banking Presence

NEW YORK, Jan. 2, 2020 – CIT Group Inc. (NYSE: CIT) has officially announced the completion of its acquisition of Mutual Of Omaha Bank, effective January 1, 2020. This strategic move significantly enhances CIT’s position as a leading national bank by incorporating Mutual of Omaha Bank’s robust community association banking business and strengthening its commercial banking capabilities.

Ellen R. Alemany, Chairwoman and Chief Executive Officer of CIT, stated, “The successful completion of this acquisition marks a significant step forward in our strategic plan. By integrating Mutual of Omaha Bank, we are enhancing our capacity to serve as a premier national bank, ultimately driving increased long-term value for our shareholders.” She emphasized the strategic advantages of this acquisition, particularly the addition of a “stable, lower-cost homeowner association deposit channel” derived from Mutual of Omaha Bank’s leading position in community association banking. Furthermore, the acquisition is set to bolster CIT’s existing commercial banking strengths through the incorporation of experienced relationship banking teams and an expanded suite of product and technology solutions.

The acquisition involved a purchase price of approximately $1 billion, structured as $850 million in cash and around 3.1 million shares of CIT stock issued to Mutual of Omaha Insurance Co. The transaction brings significant assets to CIT, including $6.8 billion in deposits, of which $4.5 billion are in community association deposits, and total assets of $8.3 billion as of September 30, 2019. This includes a substantial $3.9 billion portfolio of middle-market commercial loans. Following the completion of this acquisition, CIT’s total deposits now reach approximately $42 billion, with total assets climbing to around $60 billion.

Alemany further commented, “We are delighted to welcome the talented team members and valued clients of Mutual of Omaha Bank into the CIT family. We are committed to nurturing existing relationships, forging new connections, and consistently delivering exceptional value to our customers, colleagues, shareholders, and the communities we serve.”

Looking ahead, Mutual of Omaha Bank will undergo a brand transition to align with CIT. Retail branch locations will progressively adopt the CIT Bank brand in the coming months. For the immediate future, customer accounts will remain unchanged, ensuring uninterrupted access through existing Mutual of Omaha Bank branches, website, mobile applications, and relationship managers.

About CIT

CIT stands as a prominent national bank dedicated to empowering both businesses and personal savers with the financial tools necessary to achieve their objectives. CIT Group Inc. (NYSE: CIT), the parent company, boasts over a century of experience as a financial holding company and operates CIT Bank, N.A. as its principal banking subsidiary (Member FDIC, Equal Housing Lender). CIT’s commercial banking division delivers a comprehensive range of services, including commercial financing, community association banking, middle market banking solutions, equipment and vendor financing, factoring, railcar financing, treasury and payment solutions, as well as capital markets and asset management. The consumer banking segment of CIT encompasses a national direct bank and a network of regional branches. For further details, please visit cit.com/about.

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