CIT announces purchase of OneWest Bank

By: Daniel A. Cozzi

On July 22, 2014 CIT Group Inc announced that it would purchase OneWest Bank NA for $3.4 billion in cash and stock.

OneWest Bank NA (formerly OneWest Bank, FSB) was a participant in consumer lending and was  formed during the acquisition of certain assets and certain limited liabilities of IndyMac Federal Bank, FSB from the FDIC.  IndyMac Bank, FSB. was closed on July 11, 2008 by the Office of Thrift Supervision and the FDIC was named Conservator.

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