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CIT Bank To Acquire Savings Bank Unit Of Mutual Of Omaha - Quick Facts

CIT Group Inc. (CIT) said CIT Bank will acquire Mutual of Omaha Bank, the savings bank subsidiary of Mutual of Omaha. The purchase price of $1 billion will be comprised primarily of cash and up to $150 million of CIT common stock. The deal adds $6.8 billion in deposits.

CIT Group expects the acquisition to be accretive to 2020 earnings per share by 2 percent. The earnings per share accretion is projected to grow to double-digits over time. The deal is anticipated to close in the first quarter of 2020.

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