Cit Bank OneWest Bank $3.4 Billion Deal Completed

Cit Bank and OneWest Bank have officially completed a major deal worth $3.4 billion. This significant transaction marks a new chapter in the banking industry.

OneWest Bank was acquired by CIT Group, the parent company of CIT Bank. The deal was finalized after regulatory approvals were obtained.

The acquisition is expected to strengthen CIT Bank's presence in the market, expanding its customer base and service offerings. This move will also provide OneWest Bank customers with access to a wider range of financial products and services.

CIT Bank merged with OneWest Bank, creating a bank with assets worth $65 billion and over $30 billion in deposits.

The deal involved CIT Bank merging with and into OneWest Bank and was renamed CIT Bank, NA. This entity operates an Internet banking franchise along with 70 retail branches across Southern California as OneWest Bank, a division of CIT Bank.

The acquisition was completed after receiving all required regulatory approvals.

Several groups opposed the acquisition of OneWest Bank by CIT Group.

The California Reinvestment Coalition and the National People's Action were among the groups that expressed concerns about the deal.

The groups argued that CIT Group's acquisition of OneWest Bank would lead to a loss of community reinvestment and harm to low-income and minority communities.

The California Reinvestment Coalition specifically stated that the acquisition would result in a significant reduction in community investment and a loss of jobs.

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CIT Group has completed its acquisition of OneWest Bank, a deal worth $3.4 billion.

The acquisition was completed after receiving all the required regulatory approvals.

CIT Bank merged with OneWest Bank, resulting in assets worth $65 billion and over $30 billion in deposits.

CIT Bank now operates an Internet banking franchise along with 70 retail branches across Southern California as OneWest Bank, a division of CIT Bank.

Through this acquisition, CIT Group has created a differentiated provider of banking services for small and middle market businesses.

Shareholders of IMB Holdco received cash worth around $1.867 billion and approximately 30.9 million shares of CIT, along with 168,000 restricted stock units of CIT.

This acquisition has created the first systemically important financial institution in the country since the 2008 financial crisis, which will require CIT Group to face strict regulatory requirements.