CIT Group has completed its $3.4bn acquisition of OneWest Bank and its 70 retail branches in Southern California.
OneWestwill will continue operate under that name but will as a subsidiary of CIT Bank.
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The combined entity will comprise over $65bn in assets and over $30bn in deposits.
Steven Mnuchin, former chairman of IMB Holdco, the parent company of OneWest Bank, has joined CIT Group in the role of vice chairman and a member of its board of directors.
Also, OneWest Bank’s former independent director Al Frank has joined the CIT board.
CIT chairman and CEO John Thain said: "The completion of this transaction advances our strategic efforts to build a leading commercial banking franchise. Through the combination of our national lending and leasing platform with OneWest’s wholesale lending and branch banking franchise, we’ve created a differentiated provider of banking services for small and middle market businesses."
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