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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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July 29, 2015
10:00 EDTCITOn The Fly: Analyst Downgrade Summary
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07:21 EDTCITCIT Group downgraded to Neutral from Buy at Guggenheim
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July 28, 2015
06:36 EDTCITCIT Group reports total assets under continuing operations at June 30 were $46.7
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06:36 EDTCITCIT Group reports Q2 EPS 66c, consensus 66c
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July 22, 2015
07:15 EDTCITCIT Group shares attractive ahead of earnings, says Stifel
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July 21, 2015
19:41 EDTCITCIT receives regulatory approval to acquire OneWest Bank
CIT Group announced that it has received approval from the Federal Reserve Board, the Office of the Comptroller of the Currency, and all required state regulators to acquire OneWest Bank and its parent company IMB Holdco. The transaction is expected to close on August 3. Additionally, CIT and IMB Holdco have agreed to extend the date after which either party may elect to terminate their merger agreement. "CIT Group's principal bank subsidiary, CIT Bank, will merge with and into OneWest Bank and operate an internet banking franchise, as well as a network of 70 retail branches throughout Southern California as OneWest Bank, a division of CIT Bank," said the company.
15:31 EDTCITOCC approves OneWest Bank-CIT bank merger
The Office of the Comptroller of the Currency announced that it granted conditional approval to merge CIT Bank, Salt Lake City, Utah, into OneWest Bank , Pasadena, Calif. The combined bank will change its name to CIT Bank. The approval follows consideration of numerous public comments submitted in writing and expressed during a public meeting conducted on February 26. The OCC also determined that OneWest has satisfied the terms of the 2011 foreclosure-related consent order and the OCC has terminated that order. OneWest completed the independent foreclosure review in accordance with the requirements included in the original 2011 order and did not enter into a payment agreement with the OCC.

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