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102 Fed. Res. Bull. 1 (2016)

handle is hein.journals/fedred102 and id is 1 raw text is: Legal Developments: Third Quarter, 2015 Orders Issued Under Bank Holding Company Act Orders Issued Under Section 3 of the Bank Holding Company Act CIT Group, Inc. Livingston, New Jersey Order Approving the Acquisition of a Bank Holding Company FRB Order No. 2015 20 (July 19, 2015) CIT Group, Inc. (CIT Group), Livingston, New Jersey, a financial holding company within the meaning of the Bank Holding Company Act of 1956 (BHC Act),1 and its subsidiary, Carbon Merger Sub LLC, New York, New York, have requested the Board's approval under section 3 of the BHC Act2 to acquire IMB Holdco LLC (IMB Holdco) and thereby indirectly acquire OneWest Bank, National Association (OneWest Bank), both of Pasadena, California. Immediately following the proposed acquisition, CIT Group's subsidiary bank, CIT Bank, Salt Lake City, Utah, would be merged into OneWest Bank, with OneWest Bank being the surviving entity.3 CIT Group, with consolidated assets of approximately $47.9 billion, is the 42nd largest insured depository organization in the United States, controlling approximately $15.9 bil- lion in deposits, which represent less than 1 percent of the total amount of deposits of insured depository institutions in the United States.4 CIT Group controls CIT Bank, which operates a single, nonretail banking office in Salt Lake City, Utah, soliciting nationwide deposits through an Internet-based deposit-taking platform. CIT Bank is the 10th largest insured depository institution in Utah, with approximately 3.1 percent of the total deposits in insured depository institutions in that state. IMB Holdco, with total consolidated assets of $21.8 billion, is the 70th largest insured depository organization in the United States, controlling approximately $14.1 billion in deposits, which represent less than 1 percent of the total amount of deposits of insured depository institutions in the United States. IMB Holdco controls OneWest Bank, which operates solely in California. OneWest Bank is the 13th largest insured depository institu- tion in California, with approximately 1.4 percent of the total deposits in insured deposi- tory institutions in that state. 12 U.S.C. § 1841 et seq. 2 12 U.S.C. § 1842. 3 The merger of CIT Bank into OneWest Bank is subject to the approval of the Office of the Comptroller of the Currency (OCC) pursuant to section 18(c) of the Federal Deposit Insurance Act. 12 U.S.C. § 1828(c). Upon consummation of the bank merger, CIT Group intends to change the name of the combined bank to CIT Bank, National Association. 4 Asset and nationwide deposit-ranking data are as of December 31, 2014, unless otherwise noted. State deposit data are as of June 30, 2014, unless otherwise noted. In this context, insured depository institutions include commercial banks, savings banks, and savings and loan associations.

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