The Office of the Comptroller of the Currency (OCC) has provided regulatory approval for the merger of Mutual of Omaha Bank into CIT Group’s banking subsidiary, CIT Bank.
CIT expects to close the transaction in the first quarter of 2020.
CIT entered into an agreement for its Pasadena-based bank subsidiary to acquire Mutual of Omaha Bank in August. Following the completion of the transaction, Mutual of Omaha Bank will begin to transition to the CIT brand and its branch locations will operate under the CIT Bank brand.
“We are pleased to receive approval from the OCC and complete another milestone in the transaction,” said CIT Chairwoman and CEO Ellen R. Alemany. “This acquisition will make CIT an even stronger company through the addition of the scalable homeowner association banking business and the complementary middle market banking capability. We look forward to completing the final steps of this transaction and bringing together the organizations to unlock greater value for our customers, colleagues, shareholders and communities.”
Upon completion of the merger, the combined company is expected to have more than $42 billion in total deposits and approximately $60 billion in total assets.
