CIT Group is buying regional bank OneWest Bank in a $3.4 billion cash-and-stock deal.
OneWest, whose parent company is IMB Holdco, runs 73 retail branches in southern California. The bank is privately owned.
IMB shareholders will receive $2 billion in cash and 31.3 million CIT Group shares that are currently valued at $1.4 billion.
When the transaction closes, CIT Group Inc.'s banking subsidiary CIT Bank will merge with OneWest Bank under the CIT Bank sign.