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Stock Market & Financial Investment News

News Breaks
July 22, 2014
06:32 EDTCITCIT Group to acquire OneWest Bank for $3.4B in cash and stock
CIT Group announced that it has entered into a definitive agreement and plan of merger with IMB Holdco, the parent company of OneWest Bank, for $3.4B in cash and stock. OneWest Bank is a privately owned regional bank that operates 73 retail branches in Southern California, with approximately $23B in assets, including commercial and residential mortgage loans, and $15B in deposits. Following the close of the transaction, CIT Bank, CIT’s banking subsidiary, will merge with OneWest Bank under the “CIT Bank” name and CIT will have assets of $67B and $28B in deposits. CIT expects the transaction to be 20% accretive to earnings per share. Under the terms of the Agreement, IMB Holdco LLC shareholders will receive $2.0 billion in cash and 31.3 million shares of CIT Group Inc. common stock currently valued at $1.4 billion assuming a CIT stock price of $44.33. The transaction has been approved by the boards of directors of both companies and is subject to customary closing conditions and regulatory approvals.
News For CIT From The Last 14 Days
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November 19, 2014
08:38 EDTCITCIT Group provides $24.1M credit facility to Blue Wall Shipping
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November 14, 2014
08:52 EDTCITJoe's Jeans reports receipt of notice of default from Garrison Loan Agency
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