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CIT Group closes $3.4-billion purchase of OneWest Bank in Pasadena

CIT Group closes $3.4-billion purchase of OneWest Bank in Pasadena

Southern California's banking landscape shifted again Monday when CIT Group Inc. completed its $3.4-billion purchase of Pasadena-based OneWest Bank. The deal is part of an exodus of bank ownership involving some of the state's best-known financial institutions — names such as Bank of America, Security Pacific and Great Western that have moved away or disappeared in the decades-old churn of banking mergers. In this case, the bank stays put even though the parent company is based in New York. CIT Group is a national provider of commercial lending and leasing services that announced plans to acquire OneWest for cash and stock a year ago. Federal regulators approved the...

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