New York – CIT Group Inc. recently announced that its banking subsidiary, CIT Bank N.A., completed the acquisition of Mutual of Omaha Bank on Jan. 1, 2020.

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.

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.

– CIT Bank