CIT: 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.
CIT Group approves additional $200M share repurchase in April CIT Group authorized additional $200M share repurchase in April. Company completed existing share repurchase authorization and returned nearly $360M of capital to shareholders through dividends and the repurchase of 7.3M shares during the Q1.