CIT receives regulatory approval for $3.4 bln OneWest Bank buy

CIT Group Inc. said late Tuesday that it has received approval from the Federal Reserve Board, the Office of the Comptroller of the Currency, and all required state regulators for its $3.4 billion acquisition of OneWest Bank and its parent company IMB Holdco LLC. The deal is expected to close on August 3 pending the completion of remaining closing conditions. CIT announced its buy of OneWest in July 2014.

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