CIT CIT Group Inc

Steven Mnuchin, Donald Trump's choice to be the next Treasury secretary, left the Board of CIT Group Inc. on Friday.

Mr. Mnuchin has been a director at the regional bank since August 2015 after CIT bought OneWest Bank NA's parent company for $3.4 billion. At the end of 2008, in the midst of the financial crisis, Mr. Mnuchin persuaded the FDIC to sell IndyMac Bankfor about $1.5 billion to him and other investors. He became chairman and chief executive of the bank that was eventually renamed OneWest.

As of February, Mr. Mnuchin owned 2.47 million shares of CIT, according to company filings.

Mr. Mnuchin has said that at Treasury he would focus on rolling back parts of the landmark 2010 Dodd-Frank financial overhaul law enacted in the wake of the financial crisis. Regional banks in particular have been lobbying for relief from Dodd-Frank.

After decades as a financier specializing in niche lending like leasing airplanes, CIT has been working to remake itself-and improve shareholder returns by divesting assets and becoming a more traditional bank.

CIT shares, up 4% this year, were inactive in premarket trading.

Write to Austen Hufford at austen.hufford@wsj.com

(END) Dow Jones Newswires

December 02, 2016 09:55 ET (14:55 GMT)

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