US commercial lending and leasing service company CIT is to acquire OneWest Bank for $3.4bn (2.5bn) in cash and stock, after signing a definitive agreement and plan of merger with OneWest’s parent company, IMB Holdo.
OneWest Bank is a privately owned bank with 73 retail branches in Southern California. CIT said the bank has approximately $23bn in assets, and $15 billion in deposits.
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Once the transaction is complete, CIT Bank and OneWest will merge, combining assets and deposits to $67bn and $28bn respectively.
In a separate release, CIT also revealed a net income of $247m for the fourth quarter 2014, up from $184m in the same period 2013.
CIT said the growth came from the sale of a Student loan Portfolio, along with lower credit costs, the restructuring of two aircraft securitizations, a further shift to deposit funding and benefits from loan prepayments.
Net finance revenue in the period was $361m, down from $367m, year-on-year. Total operating expenses were $225m, down slightly from the £226m recorded in the fourth quarter of 2013.
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