CIT Finalizes OneWest Bank Deal
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Thain will lead the combined company as chairman and CEO.
NEW YORK CITY—CIT Group’s $3.4 billion acquisition of OneWest Bank N.A. has closed, more than a year after it was first announced. GlobeSt.com reported on July 22 that the cash-and-stock deal had been approved by state and federal regulators.
“The completion of this transaction advances our strategic efforts to build a leading commercial banking franchise,” says John Thain, CIT’s chairman and CEO. “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.”
Thain will continue to lead the combined company. Steven Mnuchin, former chairman of IMB Holdco LLC, OneWest’s parent company, has joined CIT Group as a vice chairman and a member of its board…
