Regulators to hold public meeting on CIT-OneWest deal

This story appeared in Bank Digest.

The Office of the Comptroller of the Currency and Federal Reserve Board have announced a joint public meeting on the proposal for CIT Group, Inc., Livingston, N.J., to acquire IMB Holdco LLC and its subsidiary, OneWest Bank, National Association, both of Pasadena, Calif. The proposal also includes the merger of CIT Bank into OneWest Bank. The purpose of the meeting is to collect information relating to the convenience and needs of the communities to be served, including a review of the insured depository institutions' performance under the Community Reinvestment Act. The agencies also will consider and collect information on other factors in making a decision on the application, including the effects of the proposal on the stability of the U.S. banking or financial system, the financial and managerial resources and future prospects of the companies and banks involved in the proposal, and competition in the relevant markets. The agencies also extended the public comment period for both applications. Comments for the applications will be accepted through Feb. 26, 2015.