CALIFORNIA: Federal regulators approved the deal last month after CIT executives pledged $5 billion over four years in loans and other services to poor and minority communities. One West Bank in Pasadena rose from the ashes of failed high risk home lender IndyMac Bank.
Southern California’s banking landscape shifted again Monday when CIT Group Inc. completed its $3.4 billion purchase of Pasadena based One West Bank.CIT Group is a national provider of commercial lending and leasing services that announced plans to acquire One West for cash and stock a year ago.
The merger will result in a “minimal” number of job cuts among One West’s 1,700 employees, John Thain, CIT Group’s chairman and chief executive said in a telephone interview.CIT also plans “no branch closures at all,” Thain said. The combined bank will have about $65 billion in assets and $30 billion in deposits.
