![]() He said: “This transaction allows Mutual of Omaha to focus on, and invest in, growth in its core insurance businesses. You can pay online (instructions on invoice and below) by check made payable to Briar Grove HOA, and mail to either the Mutual of Omaha Bank lock box in AZ. James Blackledge, Mutual of Omaha chairman and chief executive, said the acquisition creates an opportunity to leverage the strength of both institutions. ![]() “This is a unique opportunity to accelerate our strategic plan through the addition of a market-leading HOA deposit franchise, a broader set of product and technology solutions and an expanded business footprint that complements CIT's existing franchise." “This transaction squarely aligns to those goals by immediately enhancing our deposit and commercial banking capabilities and improving our profitability. Alemany, CIT chairwoman and chief executive, said: "Following our multi-year strategic transformation, we entered the next phase of our plan focused on thoughtful growth and value creation. On a pro forma basis, CIT will have approximately $42.1bn of total deposits and $58.9bn of total assets.Įllen R. In addition, $8.3bn of total assets, including $3.9bn of middle-market commercial loans, are part of the transaction, which adds to CIT's growing franchise. The transaction includes $6.8bn in deposits, $4.5bn of which are HOA deposits from more than 31,000 community associations nationwide, and $2.3 billion of which are from commercial and consumer financial centers in key markets. The deal was made to diversify CIT’s funding profile with stable, lower-cost deposits from Mutual of Omaha Bank's homeowner's association (HOA) banking business. ![]() The purchase price will be comprised primarily of cash and up to $150 million of CIT common stock, the amount of which will be determined by CIT. ![]()
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