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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