News Release 2015-17 | February 6, 2015

Agencies Announce Public Meeting on Proposed CIT Group Acquisition of IMB Holdco and its Subsidiary OneWest Bank National Association; Public Comment Period Extended

Joint Release

Board of Governors of the Federal Reserve System Office of the Comptroller of the Currency

The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) on Friday announced a joint public meeting on the proposal for CIT Group, Inc., Livingston, New Jersey, to acquire IMB Holdco LLC and its subsidiary, OneWest Bank, National Association, both of Pasadena, California. The proposal also includes the merger of CIT Bank into OneWest Bank.

The purpose of the meeting is to collect information relating to the convenience and needs of the communities to be served, including a review of the insured depository institutions’ performance under the Community Reinvestment Act. The agencies also will consider and collect information on other factors in making a decision on the application, including the effects of the proposal on the stability of the U.S. banking or financial system, the financial and managerial resources and future prospects of the companies and banks involved in the proposal, and competition in the relevant markets.

The public meeting will be held at the Los Angeles Branch of the Federal Reserve Bank of San Francisco, 950 South Grand Avenue, Los Angeles, California, on Thursday, February 26, 2015, beginning at 8:00 a.m. PST. All persons wishing to testify at the public meeting must submit a written request no later than 5:00 p.m. PST on February 20, 2015. A request to testify may be sent by mail to: Scott Turner, Vice President, Community Engagement, Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, California 94105; by email to:; or by facsimile: (415) 977-4011. The Board will provide a copy of each request to the OCC.

The request to testify must include the following information:

  1. A brief statement of the nature of the expected testimony (including whether the testimony will support or oppose the proposed transactions or provide other comment on the proposal) and the estimated time required for the presentation;
  2. The address and telephone number (and email address and facsimile number, if available) of the individual testifying; and
  3. The identification of any special needs, such as translation services, physical disabilities requiring assistance, or presentations requiring visual aids. Translators will be provided to the extent available if noted in the request to testify.

Individuals interested only in attending the meeting, but not testifying, need not submit a written request.

The presiding officers of the meeting will prepare a schedule for participants wishing to testify. To ensure an opportunity for all interested commenters to present their views, the presiding officers may limit the amount of time allotted to speak. Persons not listed on the schedule may be permitted to speak at the public meeting, if time permits, at the conclusion of the schedule of witnesses, and at the discretion of the presiding officers. Copies of testimony may, but need not, be filed before a person’s presentation.

Further information on the applications, including comments received and the transcript of the meeting, will be made available on the Board’s website and the OCC's website.

The Board and OCC are also announcing today that they are extending the public comment period for both applications. Comments for the applications will be accepted through February 26, 2015.

Media Contacts

FRB Eric Kollig (202) 452-2955
OCC William Grassano (202) 649-6870

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