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...

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