Sunflower buys CIT’s wealth management business

Mollie Carter

Sunflower Bank, N.A., in Denver has closed on its acquisition of the trust and wealth advisory business of CIT Bank, New York.

The business lines were part of Mutual of Omaha Bank, which CIT acquired at the beginning of 2020.

The acquisition adds approximately $800 million in assets under administration and approximately 20 wealth advisors, trust specialists and investment professionals to its existing platform. Prior to the Sep. 1 closing, Sunflower had approximately $1 billion in wealth management assets under administration. 

“We’re thrilled to welcome our new wealth management clients and their trusted advisors to the Sunflower Bank family,” said Chair Mollie Carter. “Sunflower Bank has leveraged its strong capital base to build a state-of-the-art investment platform, and we look forward to sharing our risk- and tax-optimized wealth solutions with our valued clients.”

The $4.8 billion Sunflower Bank was founded in 1892 and has offices in Arizona, Colorado, Kansas, Missouri, New Mexico and Texas.