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US: Bank regulator approves Cit Bank, OneWest Bank $3.4 million merger

 |  July 22, 2015

The US Office of the Comptroller of the Currency on Tuesday said it had granted conditional approval to merge Cit Bank into OneWest Bank into a combined bank named CIT Bank.

U.S. small-business lender CIT Bank said last year it would buy California bank OneWest Bank NA for $3.4 billion in cash and stock, a deal that will give CIT a more reliable source of funding.

The approval came after the regulator considered a batch of public comments, the OCC said.

Full content: The New York Times

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