CIT To Acquire OneWest for $3.4 Billion

The CIT Group Inc. (NYSE:CIT) announced the purchase OneWest Bank for $3.4 billion in cash and stock, the company announced today.

CIT - OneWest merger will create a bank with $67 billion in assets

The merger of two formerly troubled institutions will create a combined bank of $28 billion in deposits and $67 billion in assets.  OneWest currently manages $15 billion in deposits and $23 billion in assets, which includes commercial and home mortgages, the New York Times is reporting.

The deal includes $2 billion in cash and 31.3 million of CIT shares, currently valued at $1.4 billion. Steven Mnuchin, OneWest’s current chairman, will join CIT as vice chairman. ...