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July 22, 2014
07:52 EDTCITCIT: OneWest acquisition to have 12-13% pre-tax return on tangible common equity
The acquisition will have a 8% tangible book value per share dilution with approximately four-year earnback. CIT says it will maintain OneWest's existing branches and infrastructure. The restructuring charge will be $75M pre-tax. CIT's board has authorized an additional $500M share repurchase to be executed prior to closing. The synergies from the acquisition will be 100% phased in 2016 with 76c accretion. Sees FY16 standalone EPS of $3.73 and FY16 pro forma EPS of $4.49. Comments taken from slides for call to discuss OneWest acquisition.
News For CIT From The Last 14 Days
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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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