Reginal Thomas
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CIT to buy OneWest Bank

CIT Group Inc. announced it plans to buy California bank OneWest Bank for $3.4 billion in cash and stock, giving CIT a more reliable source of funding. OneWest's parent company, IMB Holdco LLC's shareholders, will get $2 billion in cash and the rest through the issuance of 31.3 million CIT shares, assuming a stock price of $44.33. Chief Executive John Thain said, "The selling shareholders very much wanted to get stock. They view the stock as undervalued and that there is lot of appreciation in it."