Keefe, Bruyette & Woods and Squire Patton Boggs advised Mutual. Morgan Securities, Evercore and Sullivan & Cromwell advised CIT. It should take CIT five years to earn back a projected 5.5% dilution to its tangible book value. To pay your dues online, please visit the link below. CIT said it expects to incur $110 million in merger-related expenses. Mutual of Omaha Bank is an industry leader that specializes in working with community associations. Elite Management Services has partnered with Mutual of Omaha Bank to provide banking services for all of our associations. The deal is expected to be 2% accretive to 2020 earnings per share and have double-digit accretion by 2023.ĬIT said it plans to cut about 28% of Mutual of Omaha's annual noninterest expense, or $54 million. This ID number can be found on your HOA statement. You will need to know your association’s ID number to make your payment.
In the last three years, CIT has reduced annual operating expenses by $150 million, while divesting more than $14 billion in noncore assets.ĬIT said the deal should lower its cost of deposits by 20 basis point and increase its return on tangible common equity ratio by 80 basis points in 2020. Mutual of Omaha Bank is an industry leader that specializes in working with community associations. “This is a unique opportunity to accelerate our strategic plan through the addition of a market-leading HOA deposit franchise, a broader set of product and technology solutions and an expanded business footprint."
“This transaction squarely aligns to those goals by immediately enhancing our deposit and commercial banking capabilities and improving our profitability,” Alemany added. Twenty-first century ways of living and entertainment in the heart of Omaha For a tour or more information on available Condominium residences, contact.
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