Acquisition Expected to Close on August 3,
2015
CIT Group Inc. (NYSE:CIT), a leading provider of commercial
lending and leasing services, today announced that it has received
approval from the Federal Reserve Board, the Office of the
Comptroller of the Currency (OCC), and all required state
regulators to acquire OneWest Bank and its parent company IMB
Holdco LLC. The transaction is expected to close on August 3, 2015,
subject to the satisfaction of remaining closing conditions.
CIT and IMB Holdco have agreed to extend the date after which
either party may elect to terminate their Agreement and Plan of
Merger, dated July 21, 2014 (the “Merger Agreement”), pursuant to
an amendment to the Merger Agreement. Additional details regarding
the amendment will be provided in a Form 8-K filed by CIT.
“We are pleased to receive regulatory approval as we look to
complete our acquisition of OneWest Bank,” said John A. Thain,
Chairman and Chief Executive Officer of CIT. “We welcome OneWest
employees to CIT and we look forward to working with them to meet
the needs of small and middle market businesses, the transportation
industry, real estate sector and our retail bank customers.”
Once the transaction is completed the combined company, CIT
Group Inc., will have more than $65 billion in assets and more than
$30 billion of deposits.1 Its principal bank subsidiary, CIT Bank,
will merge with and into OneWest Bank and operate an Internet
banking franchise, as well as a network of 70 retail branches
throughout Southern California as OneWest Bank, a division of CIT
Bank, N.A.
(1) Pro forma financial data based on unaudited CIT and OneWest
data as of March 31, 2015.
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About CIT Bank
Founded in 2000, CIT Bank (Member FDIC, Equal Housing Lender) is
the U.S. commercial bank subsidiary of CIT Group
Inc. (NYSE:CIT). It provides lending and leasing to the small
business, middle market and transportation sectors. CIT Bank
(BankOnCIT.com) offers a variety of savings options designed to
help customers achieve their financial goals. As of March 31, 2015,
it had more than $16 billion of deposits and more than $21 billion
of assets. cit.com/CITBank
About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company
with more than $35 billion in financing and leasing assets. It
provides financing, leasing and advisory services principally to
middle market companies across more than 30 industries primarily in
North America, as well as equipment financing and leasing solutions
to the transportation industry worldwide. Its U.S. commercial bank
subsidiary, CIT Bank (Member FDIC) BankOnCIT.com, offers a variety
of savings options designed to help customers achieve their
financial goals. cit.com
Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of applicable federal
securities laws that are based upon our current expectations and
assumptions concerning future events, which are subject to a number
of risks and uncertainties that could cause actual results to
differ materially from those anticipated. The words “expect,”
“anticipate,” “estimate,” “forecast,” “initiative,” “objective,”
“plan,” “goal,” “project,” “outlook,” “priorities,” “target,”
“intend,” “evaluate,” “pursue,” “commence,” “seek,” “may,” “would,”
“could,” “should,” “believe,” “potential,” “continue,” or the
negative of any of those words or similar expressions is intended
to identify forward-looking statements. All statements contained in
this press release, other than statements of historical fact,
including without limitation, statements about our plans,
strategies, prospects and expectations regarding future events and
our financial performance, are forward-looking statements that
involve certain risks and uncertainties. While these statements
represent our current judgment on what the future may hold, and we
believe these judgments are reasonable, these statements are not
guarantees of any events or financial results, and our actual
results may differ materially. The forward looking statements
contained herein include certain plans, activities or events which
CIT expects will or may occur in the future and relate to, among
other things, the acquisition of IMB Holdco and OneWest Bank,
including the benefits, results, effects, timing and certainty of
this transaction. Risks and uncertainties relating to the pending
acquisition of IMB Holdco and OneWest Bank and other important
factors that could cause our actual results to be materially
different from our expectations include, among others, the risk
that, (i) conditions to the closing of the acquisition are not
satisfied on a timely basis or at all, (ii) modifications to the
terms of the transaction are required in order to satisfy such
conditions, (iii) the transaction is terminated, (iv) there are
difficulties and delays in integrating OneWest with CIT or fully
realizing projected cost savings and other projected benefits of
the transaction, (v) business disruption during the pendency of or
following the transaction, including diversion of management time,
reputation risk, and the reaction of customers and counterparties
to the transaction, (vi) changes in asset quality and risk as a
result of the transaction, (vii) CIT is unsuccessful in
implementing its strategy and business plan, (viii) CIT is unable
to react to and address key business and regulatory issues, and
(ix) changes in general economic conditions, including changes in
interest rates and capital markets. We describe these and other
risks that could affect our results in Item 1A, “Risk Factors,” of
our latest Annual Report on Form 10-K for the year ended December
31, 2014, which was filed with the Securities and Exchange
Commission. Accordingly, you should not place undue reliance on the
forward-looking statements contained in this press release. These
forward-looking statements speak only as of the date on which the
statements were made. CIT undertakes no obligation to update
publicly or otherwise revise any forward-looking statements, except
where expressly required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20150721006720/en/
CIT MEDIA RELATIONS:C. Curtis Ritter, (973)
740-5390Senior Vice President of Corporate
CommunicationsCurt.Ritter@cit.comorMatt Klein, (973) 597-2020Vice
President, Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Barbara Callahan, (973) 740 -5058Senior Vice
PresidentBarbara.Callahan@cit.com
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