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Mutual of
Omaha Bank
is now CIT

Powering forward.

Press release - LD1

Press Release

CIT has completed the acquistion of Mutual of Omaha Bank.

Learn more
Fact Sheet - LD1

Fact sheet

Get a closer look at who we are.

Explore the details
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Are you a Mutual of Omaha Bank customer?

Your account login remains on the Mutual of Omaha Bank website.

Let us get you there
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Your money is safe and sound.

FDIC DEPOSIT INSURANCE: Mutual of Omaha Bank deposit account balances existing on January 1, 2020, will continue to be separately insured from any CIT Bank, N.A. deposits up to the maximum deposit insurance amount by the Federal Deposit Insurance Corporation (FDIC) for a period of six (6) months after the merger date. For additional details about how this merger impacts FDIC insurance coverage for Mutual of Omaha Bank deposit accounts, click here.

Frequently asked questions (FAQs)

Get the answers to your most frequently asked questions.
Why did CIT acquire Mutual of Omaha Bank?

The acquisition accelerates the next phase of CIT’s strategic plan and complements the company’s focus on serving small and midsized businesses and personal savers with products to meet their needs.

Will there be any impact to my CIT Bank account as a result of this acquisition?

There is no direct impact to CIT, CIT Bank or OneWest Bank customers as a result of this transaction

Will the acquisition of Mutual of Omaha Bank by CIT affect FDIC Insurance coverage?

CIT Bank, Mutual of Omaha Bank and OneWest Bank are now all part of the same FDIC-insured banking institution called CIT Bank, N.A.  Deposits held under each name are not separately insured but are combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit, per depositor for each account ownership category. For purposes of calculating aggregate deposits held in Mutual of Omaha Bank you should include deposits held in CIT Bank and OneWest Bank. However, Mutual of Omaha Bank deposit account balances existing on January 1, 2020 will continue to be separately insured by the FDIC for a period of six months following the transaction, through June 30, 2020. After that date, those grandfathered account balances are also counted in determining whether a depositor has exceeded the $250,000 federal deposit insurance limit.

Special rules apply to FDIC insurance applicable to Mutual of Omaha Bank time deposits (Certificate of Deposit accounts) existing on January 1, 2020.  Such time deposits will continue to be separately insured until the earliest maturity date after the end of the six-month period. In the case of time deposits which mature within six months of the merger date and which are renewed at the same dollar amount (either with or without accrued interest having been added to the principal amount) and for the same term as the original deposit, the separate insurance applies to the renewed deposits until the first maturity date after the six-month period. Time deposits that mature within six months of the deposit assumption and that are renewed on any other basis, or that are not renewed and thereby become demand deposits, are separately insured only until the end of the six-month period.


Can CIT Bank customers visit Mutual of Omaha Bank branch locations for account openings or banking services?

No, the account opening and servicing processes for CIT Bank, Mutual of Omaha Bank and OneWest Bank remain separate at this time. CIT Bank direct bank accounts can be opened online at citbank.com. Mutual of Omaha Bank accounts can be opened in branch and for more information go to MutualofOmahaBank.com. OneWest Bank accounts can be opened in branch or online at OneWestBank.com.

Tell me about Mutual of Omaha Bank.

Mutual of Omaha Bank provides financial solutions to individuals and businesses across the United States. It is a leader in providing banking services to homeowner associations and property managers nationwide. It also provides commercial and consumer banking solutions.  The addition of these businesses complements CIT’s focus on serving small and midsized businesses and personal savers with financial products to meet their needs.

Will the Mutual of Omaha Bank brand change and when?

Mutual of Omaha Bank will begin to transition to the CIT brand over the coming months and the consumer retail branch locations will adopt the CIT Bank brand. Customer accounts remain unchanged at this time and can continue to be accessed through Mutual of Omaha Bank branches, website, mobile aps and relationship managers.    

What do the letters in CIT stand for?

CIT is a national bank with more than a century of heritage. In the early days of our journey, CIT stood for Commercial Investment Trust. Today, we are proud to just go by CIT.

Leadership perspective

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“We are excited to welcome the teammates and clients of Mutual of Omaha Bank to the CIT family. We look forward to strengthening existing relationships, building new ones, and continuing to deliver value for our customers, colleagues, shareholders and communities.” Ellen R. Alemany
CIT Chairwoman and Chief Executive Officer

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