CIT Group to Acquire Mutual of Omaha Bank for $1 Billion

CIT Group ( CIT - Get Report ) announced Tuesday a deal to buy Mutual of Omaha's savings bank subsidiary, Mutual of Omaha Bank, for $1 billion in cash and stock.

An additional $8.3 billion of total assets, including $3.9 billion of middle-market commercial loans, are part of the transaction, the companies said.

On a pro forma basis, New York-based CIT will have approximately $42.1 billion of total deposits and $58.9 billion of total assets.

— CIT (@CITgroup) August 5, 2019 The transaction is expected to close in the first quarter of 2020, subject to regulatory approvals and other customary closing conditions.

The agreement excludes Mutual's mortgage subsidiary, Synergy One Lending.

Shares of CIT Group ended the day Monday down 2.17% at $44.63.

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