CIT Group Inc. CIT, -2.04% announced Tuesday a deal for its CIT Bank N.A. subsidiary to buy Mutual of Omaha’s savings bank subsidiary, Mutual of Omaha Bank, for $1 billion in cash and stock. Under terms of the deal, the purchase will be comprised of cash and up to $150 million in CIT common stock. CIT said the deal is expected to improve deposit costs by about 20 basis points (0.2 percentage points), while its tangible common equity ratio is expected to be enhanced by 80 basis points in 2020. The deal is expected to close in the first quarter. CIT’s stock, which was still inactive in premarket trading, has rallied 16.6% year to date, while the S&P 500 SPX, -1.22% has advanced 15.0%.