CIT Group is buying Mutual of Omaha Bank for $1 billion to expand its commercial banking operations.
The deal would mean the end to Nebraska-based Mutual of Omaha’s foray into the banking sector, initiated in 2007. CEO James Blackledge said that the deal will allow Mutual to focus more on in its core insurance businesses.
About $4.5 billion of Mutual of Omaha’s $6.8 billion in deposits come from homeowners’ associations and other community groups nationwide.
Mutual of Omaha Bank, based in Omaha, Nebraska, has 26 branches mostly across Western states and Plains.
Copyright 2025 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Was this article valuable?
Here are more articles you may enjoy.
Baldwin Group to Buy CAC Group for About $1B in Cash and Stock 
WTW to Acquire Newfront in Deal Worth Up to $1.3B 
Applied Systems, Comulate Spar Over Trade Secret Theft Allegations 
‘Dream Is in Sight:’ Chamber, Reinsurers, Insurers Urge Florida to Stay the Course 
