Mutual of Omaha Bank
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Mutual of Omaha Bank to Open Sarpy County Location
http://www.mutualofomaha.com/about/pres ... 81111.html(November 11, 2008) Omaha, Neb. – Mutual of Omaha Bank will open a new location in Sarpy County, occupying the entire first floor of a new three-story office building planned for Southport West development at the Interstate 80 Harrison Street interchange, Mutual of Omaha Bank President and COO Mike Homa announced.
"Sarpy County and southwest Omaha are poised to experience continuing growth, and I think Mutual of Omaha Bank has a great opportunity to play a part in that growth," said Homa, who also serves as President of the bank's Central Region. "This is a high-profile, high-traffic site that perfectly compliments our other Omaha banks."
Plans call for construction on the new building to begin in December with completion set for Sept. 1, 2009. Mutual of Omaha Bank joins Cabela's, Embassy Suites, Marriott Courtyard, the LaVista Conference Center and the planned Marcus Theatres complex in the Southport West development.
- nebugeater
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Mutual acquires Florida bank
http://www.omaha.com/article/20100220/MONEY/702209874
http://www.omaha.com/article/20100220/MONEY/702209874
Steve Jordon WORLD-HERALD STAFF WRITER wrote:Mutual of Omaha Bank acquired nearly all the loans and deposits of Marco Community Bank of Marco Island, Fla., Friday afternoon after state authorities declared the Florida bank insolvent and named the Federal Deposit Insurance Corp. as the receiver.
Marco Community Bank had about $119.6 million in assets and $117.1 million in deposits, but its capital had been depleted. It had lost $9.6 million from the start of 2008 to Sept. 30, 2009, and nearly 10 percent of its loans were troubled, according to its reports to the FDIC.
Mutual paid $1.75 million to the FDIC to acquire the loans and deposits. The FDIC said the Marco bank's failure, due largely to bad real estate-related loans, would cost its deposit insurance fund about $38.1 million. It was the third bank in Florida and the 17th overall to close this year.
Its 30 employees will become employees of Mutual of Omaha Bank, and the drive-up lanes at its single office will open today as a branch of the Omaha bank.
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Mutual of Omaha Bank
Long time no see
I recently learned that Mutual of Omaha has opened a bank branch in Tampa. Being the enthusiast of Omaha that I am, I immediately began contemplating switching over, since my current bank is not exactly great on customer service. I thought I'd ask here if anyone has used their consumer banking services before and if so, what their opinions of it are.
Thanks in advance, and hope all is well with you guys here!
I recently learned that Mutual of Omaha has opened a bank branch in Tampa. Being the enthusiast of Omaha that I am, I immediately began contemplating switching over, since my current bank is not exactly great on customer service. I thought I'd ask here if anyone has used their consumer banking services before and if so, what their opinions of it are.
Thanks in advance, and hope all is well with you guys here!
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Re: Mutual of Omaha Bank
https://www.omaha.com/money/mutual-of-o ... d913d.html
Mutual of Omaha Bank purchased by CIT Group for $1 billion.
Mutual of Omaha Bank purchased by CIT Group for $1 billion.
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Re: Mutual of Omaha Bank
OWH ArticleMutual of Omaha Bank to be acquired by CIT Group for $1 billion
Well, there's this news in advance of a rumored September HQ announcement...
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Re: Mutual of Omaha Bank
CIT acquried OneWest a while ago. Onewest is much larger than MofO Bank. It's headquartered in Pasadena, CA. My guess is that Pasadena will continue to be the HQ. I guess that makes the new Mutual headquarters smaller.
- GrandpaaSmucker
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Re: Mutual of Omaha Bank
If someone came along and offered them a bunch of money for their midtown real estate empire they should take that too. Take their money and go out to 144th & Dodge and build a small office building that is more then big enough for their sadly shrinking insurance business.
Re: Mutual of Omaha Bank
Mutual has shrunk in some areas but has grown in others. It's not fair to call their insurance side "sadly shrinking". The group insurance has been growing by leaps and bounds. Their Medicare supplment business has issues right now though. That is something they need to figure out. But, overall, the insurance side is growing and more and more people are coming in all the time. Let's put it this way: They are shrinking cubicle size in the insurance areas to fit more and more people in. That's not the sign of a shrinking business.GrandpaaSmucker wrote: ↑Tue Aug 13, 2019 10:45 amIf someone came along and offered them a bunch of money for their midtown real estate empire they should take that too. Take their money and go out to 144th & Dodge and build a small office building that is more then big enough for their sadly shrinking insurance business.
They've also been going up in the fortune 500 over the last few years. I don't know how dropping the bank will affect that. It may lower them in the short term. But, overall, Mutual has been doing well.
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Re: Mutual of Omaha Bank
The MoO bank headquarters was going to be in the Landmark Tower, if they hadn't moved already.
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Re: Mutual of Omaha Bank
They moved there a while ago, and have large signage on top of the west side of the building.Doctor Fate wrote: ↑Tue Aug 13, 2019 12:46 pmThe MoO bank headquarters was going to be in the Landmark Tower, if they hadn't moved already.
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Re: Mutual of Omaha Bank
That's what I thought....so I don't think this acquisition will effect the new MoO HQ.JDJase wrote: ↑Tue Aug 13, 2019 12:51 pmThey moved there a while ago, and have large signage on top of the west side of the building.Doctor Fate wrote: ↑Tue Aug 13, 2019 12:46 pmThe MoO bank headquarters was going to be in the Landmark Tower, if they hadn't moved already.
Re: Mutual of Omaha Bank
malmighty_tuna wrote: ↑Tue Aug 13, 2019 8:51 amOWH ArticleMutual of Omaha Bank to be acquired by CIT Group for $1 billion
Well, there's this news in advance of a rumored September HQ announcement...
The $1b in cash this sale just gave them will certainly make it easier to pay for a new HQ building. Just speculation.
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Re: Mutual of Omaha Bank
Most of the money probably has to go back into policyholder surplus. Or, maybe reserves. The big questions ... how much of a return on investment will MoO make on the foray into banking? How much of that can be used to invest in a new HQ building?Ben wrote: ↑Wed Aug 14, 2019 8:34 ammalmighty_tuna wrote: ↑Tue Aug 13, 2019 8:51 amOWH ArticleMutual of Omaha Bank to be acquired by CIT Group for $1 billion
Well, there's this news in advance of a rumored September HQ announcement...
The $1b in cash this sale just gave them will certainly make it easier to pay for a new HQ building. Just speculation.
Will CIT operate the bank as a separate subsidiary and keep operations in Omaha?
Re: Mutual of Omaha Bank
OWH just posted this update on the sale. It's paywall protected, but its vague as to whether CIT will keep operations here. It would seem like they would as they have no presence in the Midwest and the MoO bank's current HQ can serve as a regional office for CIT. No guarantees though from either MoO or CIT. As to the money, they MoO didn't say what they would do with it, other than to continue to grow their insurance business. According to the article, their insurance business added 700 jobs in the last three years, most in Omaha. The sale will consist of $850M in cash and $150M is CIT stock.Omahacritic wrote: ↑Wed Aug 14, 2019 8:59 amMost of the money probably has to go back into policyholder surplus. Or, maybe reserves. The big questions ... how much of a return on investment will MoO make on the foray into banking? How much of that can be used to invest in a new HQ building?Ben wrote: ↑Wed Aug 14, 2019 8:34 ammalmighty_tuna wrote: ↑Tue Aug 13, 2019 8:51 amOWH ArticleMutual of Omaha Bank to be acquired by CIT Group for $1 billion
Well, there's this news in advance of a rumored September HQ announcement...
The $1b in cash this sale just gave them will certainly make it easier to pay for a new HQ building. Just speculation.
Will CIT operate the bank as a separate subsidiary and keep operations in Omaha?
https://www.omaha.com/money/plus/mutual ... 7308c.html
Re: Mutual of Omaha Bank
While I know MoO was less than thrilled at the banking performance in the last couple of years, many of the acquisitions were made as part of the FDIC rescue program, where these banks were failing and were bought at steep discounts, and MoO was given FDIC assistance to stabilize things. So, maybe not huge profits on ongoing operations, but certainly purchased at a discount...Omahacritic wrote: ↑Wed Aug 14, 2019 8:59 am The big questions ... how much of a return on investment will MoO make on the foray into banking?
Re: Mutual of Omaha Bank
So, signs have been up for CIT Bank downtown for a little bit, just long enough for CIT Bank to merge with First Citizen's Bank from Raleigh, NC. I just met someone who worked with CIT and informed me that it was happening, so I looked it up and found this (spoiler: First Citizen's will be the surviving name, so enjoy the CIT Bank signage while you can):
First Citizens, CIT Receive FDIC Approval of Proposed Merger
First Citizens, CIT Receive FDIC Approval of Proposed Merger
RALEIGH, N.C. and NEW YORK, July 14, 2021 (GLOBE NEWSWIRE) -- First Citizens BancShares Inc. (NASDAQ: FCNCA) (“First Citizens”), the parent company of First-Citizens Bank & Trust Company, and CIT Group Inc. (NYSE: CIT) (“CIT”), the parent company of CIT Bank, N.A., jointly announced that the proposal to merge the two companies has received regulatory approval from the Federal Deposit Insurance Corporation (“FDIC”).
The merger has already received approval from the Office of the North Carolina Commissioner of Banks.
Completion of the proposed merger remains subject to approval from the Board of Governors of the Federal Reserve System, and closing is expected in the third quarter, subject to such approval and the satisfaction or waiver of other customary closing conditions.
Frank B. Holding Jr., First Citizens’ chairman and chief executive officer, said: “This key step moves us closer to the completion of our proposed merger transaction, and we remain excited about future opportunities ahead.”
Ellen R. Alemany, CIT’s chairwoman and chief executive officer, said: “We’re pleased to receive FDIC approval as we continue to work together toward the successful combination of our two companies.”
When completed, the combined company will operate under the First Citizens name and establish a top 20 bank in the United States based on assets. The merger will bring together complementary strengths of both organizations with First Citizens Bank’s robust retail franchise and full suite of banking products and CIT’s strong market positions, nationwide commercial lending franchise and direct online bank.
Re: Mutual of Omaha Bank
Does anyone known if First Citizen's Bank kept any of the operations or office jobs that were in Omaha from MoO Bank/CIT Bank? It seems like they all disappeared.
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Re: Mutual of Omaha Bank
Well, old news but just in case: Their branch at Southport closed, replaced by a physician's office.
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Re: Mutual of Omaha Bank
Fifty companies pledge to create 2,500 jobs,
invest $1.5 billion under new Nebraska incentive act
Nebraska’s newest program to spur economic growth, passed in 2020, has so far attracted agreements with 50 companies that pledge to create a total of 2,481 jobs and invest $1.55 billion. The largest proposed investment was from Mutual of Omaha, which is building a new, skyscraper headquarters in downtown Omaha. The insurance company projects that it will create 100 new, full-time jobs and invest $473 million to attain state tax breaks.