S&C Represents CIT in Its Acquisition of Mutual of Omaha BankAugust 26, 2019
CIT Group has agreed to buy Mutual of Omaha Bank for $1 billion. The deal expands the company's focus on serving small and midsized businesses with thoughtful solutions, competitive financing and deposit products. The two companies will also work to grow Mutual of Omaha's market-leading homeowner's association banking business.
The deal was led by S&C financial services partners Rodge Cohen and Mitch Eitel, and includes partners Marc Treviño (executive compensation), Isaac Wheeler (tax), Mehdi Ansari (intellectual property), Cathy Clarkin (securities) and Camille Orme (regulatory).
Under the terms of the deal, CIT will offer up to $150 million in common stock, while the rest will be paid in cash. CIT combined with Mutual of Omaha Bank will have approximately $42.1 billion of total deposits and $58.9 billion in total assets.