CIT Group Buying Mutual of Omaha Bank for $1B

Portsmouth, New Hampshire-based CIT Group, which provides financing and leasing services to small businesses of all types, including sign and graphics shops, announces that it is buying Omaha, Nebraska-based Mutual of Omaha‘s savings bank subsidiary, Mutual of Omaha Bank, for $1 billion.

According to CIT, the deal will help it diversify and improve its funding profile.

Total assets worth $8.3 billion, including $6.8 billion of total deposits and 26 commercial branches of Mutual of Omaha Bank, are part of this deal. Subject to regulatory approvals, following the deal’s closure CIT Group will have total deposits of roughly $42 billion and total assets worth nearly $59 billion.