CIT Bank will acquire Mutual of Omaha Bank for $1 billion in cash and stock to help grow its deposit and commercial banking business, the company confirmed on Tuesday.

A spokesperson for CIT said the bank was attracted to Mutual of Omaha Bank because of its technology in the deposits and payments areas. Mutual of Omaha Bank uses a number of software solutions for homeowners and property managers, including MutualPay Property Pay for homeowners to pay fees online; Mutual VIP for property managers to pay vendors online; and OneSource to digitize homeowners association (HOA) accounting  and payments.

Through the acquisition, CIT will be able to grow its homeowners association deposits, which CIT’s chief financial officer John Fawcett called the “secret sauce” of the deal. The goal is to grow sources of low-cost deposits that are scalable over time as the bank moves beyond savings and commercial financing products, he noted in a call with investors on Tuesday. Also of interest to CIT is Mutual of Omaha Bank’s presence in attractive housing markets such as Las Vegas, Denver and Phoenix.

CIT estimates there are about 347,000 HOAs across the country, accounting for about $50 billion in deposits annually. During the second quarter, Mutual of Omaha Bank was on track to process $4.5 billion of those deposits this year, and CIT aims to increase that number to $9 billion in the next five to seven years. During the call, CEO Ellen Alemany noted that the bank wants to expand into other major markets in southern California, Florida, New York, New Jersey and Connecticut.

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Mutual of Omaha Bank was the banking arm of the insurance company Mutual of Omaha, which was founded in 1909. Starting in 2007, the insurance company began buying smaller community banks in fast-growing markets and using the Mutual of Omaha name to grow its business. It has about 3,200 commercial banking clients.

CIT, which has $50.6 billion in assets, offers commercial financing for industries like aviation and healthcare. Its consumer banking arm includes the online savings bank CIT Bank and OneWest Bank.