CIT Bank and OneWest to merge

The OCC approves the new CIT Bank N.A.

The Office of the Comptroller of the Currency just announced a new merger between CIT Bank, of Salt Lake City, Utha, and OneWest Bank of Pasadena, California. The merged bank will undergo a name change but no announcments have been about the leadership positions. The press release is as follows:

The Office of the Comptroller of the Currency today announced that it granted conditional approval to merge CIT Bank, Salt Lake City, Utah, into OneWest Bank, N.A., Pasadena, Calif.. The combined bank will change its name to CIT Bank, N.A.

The approval follows consideration of numerous public comments submitted in writing and expressed during a public meeting conducted on February 26, 2015.  

The OCC also determined that OneWest has satisfied the terms of the 2011 foreclosure-related consent order and the OCC has terminated that order. OneWest completed the independent foreclosure review in accordance with the requirements included in the original 2011 order and did not enter into a payment agreement with the OCC.

The release can be found here.

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