Squire Patton, Sullivan & Cromwell Steer CIT's $1B Bank Buy

Law360 (August 13, 2019, 2:20 PM EDT) -- Financial holding company CIT Group said Tuesday that it will buy Mutual of Omaha Bank to increase its funding portfolio, in a roughly $1 billion cash-and-stock deal steered by Squire Patton Boggs and Sullivan & Cromwell.

CIT Group Inc. said its subsidiary, CIT Group NA, will acquire Mutual of Omaha Bank in a deal composed of up to $150 million of CIT common stock and the rest paid primarily in cash. CIT said the deal will grow its funding profile by adding stable, lower-cost deposits from Mutual of Omaha Bank's homeowner's association banking business, but noted that the deal will not...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!