CIT Group has launched a community benefits plan developed in collaboration with the California Reinvestment Coalition (CRC) and the National Community Reinvestment Coalition (NCRC) that builds on the combined work of its banking subsidiary CIT Bank and Mutual of Omaha Bank. The plan supports CIT Bank’s announced acquisition of Mutual of Omaha Bank and provides commitments for investments in low and moderate-income neighborhoods of color in the areas of small business, affordable housing and community development, as well as expanded banking services in low income communities and neighborhoods of color.
Lending and investments would total $7.75 billion over the 2020 to 2023 period and align with the combined retail branch footprint in Arizona, California, Colorado, Florida, Hawaii, Kansas, Nebraska, Nevada and Texas.
Key elements of the community benefits plan include the following goals:
“Contributing to strong and vibrant communities where we live, work and do business is core to our mission, and this community benefits plan solidifies our path as we build on the work that CIT Bank and Mutual of Omaha Bank do today to support small businesses, affordable housing, homeownership, access to credit and financial education,” said CIT Chairwoman and CEO Ellen R. Alemany. “This plan reflects the ongoing dialogue we have had with NCRC, CRC and approximately 90 individual community organizations throughout the combined banks’ footprint to ensure that our efforts make a meaningful difference and help to build thriving neighborhoods.”
“The bank’s leadership has shown their business savviness and commitment to low- and moderate-income borrowers and people of color by working with us and CRC to produce this agreement that will be a benefit for both the bank and the community,” said Jesse Van Tol, CEO of NCRC. “We look forward to furthering our work with the bank as it implements the plan.”
In August, CIT announced it had entered into an agreement for its Pasadena-based bank CIT Bank to acquire Mutual of Omaha Bank. CIT Bank has 64 retail bank branches in Southern California that operate under the OneWest Bank brand, and Mutual of Omaha Bank has 26 retail bank branches across several states. Upon completion of the transaction, CIT would have 90 branches across nine states.
The California Reinvestment Coalition builds an inclusive and fair economy that meets the needs of communities of color and low-income communities by ensuring that banks and other corporations invest and conduct business in local communities in a just and equitable manner.
NCRC and its grassroots member organizations create opportunities for people to build wealth, working with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business.
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