CIT Deal for OneWest Clears Hurdles
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Thain said in 2014 that the deal would create “a unique provider of retail and institutional financial services.”
NEW YORK CITY—A year after it was first announced,CIT Group’s $3.4-billion merger with OneWest Bank has cleared all regulatory hurdles. The agreement to acquire Pasadena, CA- based OneWest and its parent company,IMB Holdco LLC, has received approval from the Federal Reserve Board, the Office of the Comptroller of the Currency and all required state regulators. The transaction, one of the largest in the banking sector since the 2008 financial crisis, is expected to close on August 3, subject to remaining closing conditions.
“We welcome OneWest employees to CIT and we look forward to working with them to meet the needs of small and middle market businesses, the transportation industry, real estate sector and our retail bank customers,” says John Thain, chairman and CEO of CIT. Following the merger, OneWest will combine with CIT’s banking subsidiary under the name CIT Bank. A network of 70 retail branches will operate throughout Southern California as OneWest Bank, a division of CIT Bank, NA…
