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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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June 22, 2015
16:22 EDTCITGlacier Bancorp says Randall Chesler to succeed Mick Blodnick as CEO in 2017
Glacier Bancorp (GBCI) announced that the company is expanding its executive management team with the addition of Randall "Randy" Chesler. Chesler will serve in the newly created position of President of Glacier Bank, the company's sole banking subsidiary, and will immediately be appointed to the board of Glacier Bank and will be nominated for election to GBCI's board at next year's annual meeting. Mick Blodnick will continue to serve as President and CEO of Glacier Bancorp and CEO of Glacier Bank until his retirement at the end of 2016. "It is our full expectation that Randy will succeed me as CEO," said Blodnick. "I plan to work closely with Randy through the end of 2016 to ensure a smooth leadership transition." Chesler brings more than 30 years of experience in the financial services industry, most recently as President of CIT Bank, the Salt Lake City-based banking subsidiary of CIT Group. (CIT)

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