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CIT buying Mutual of Omaha Bank, but not its mortgage business

Aug 14, 2019By

CIT Bank is set to grow its operation by acquiring Mutual of Omaha Bank, the banking arm of insurance giant Mutual of Omaha, for $1 billion. But one area where CIT won’t be growing is in its mortgage business. Much of Mutual of Omaha Bank’s business is focused on HOA banking, but the company does have a growing mortgage arm, and the company likes its mortgage business so much that it won’t be included in the sale to CIT.

3d rendering of a row of luxury townhouses along a street

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