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Lender CIT to buy OneWest Bank, formerly IndyMac, for $3.4 billion
Lender CIT to buy OneWest Bank, formerly IndyMac, for $3.4 billion

OneWest Bank in Pasadena, born from the ashes of failed high-risk home lender IndyMac Bank, has agreed to be acquired by commercial lender CIT Group for $3.4 billion, a hugely profitable deal for the hedge-fund and private-equity investors that have owned the bank for five years. CIT, a 100-year-old specialist in loans and leases for smaller businesses, is based in New York, but its commercial bank subsidiary would merge into OneWest if the takeover -- the latest in a series of mergers reshaping Southern California's banking industry-- is completed as expected in six months to a year. The combined institution, doing business as CIT Bank, would be run by OneWest's current...

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