- CIT's planned acquisition of IMB Holdco LLC, the parent of Pasadena, CA-based OneWest Bank N.A., will likely notably improve CIT's credit profile," says S&P, affirming the company's BB long-term issuer credit rating and its B short-term ICR. The outlook is positive.
- The agency does note the deal will weaken the company's robust capital position (some would say overcapitalized), and comes with integration and strategic risks and uncertainties.
- "Importantly, the acquisition would provide CIT with a retail branch franchise that should help enhance its funding diversity and stability," says S&P, noting OneWest's 73 branches and $15B in deposits.
- CIT is off 0.35% today after yesterday's roughly 15% jump on the acquisition news.
- Previously: CIT to purchase OneWest Bank for $3.4B
From other sites
at CNBC.com (Mar 2, 2015)
at CNBC.com (Nov 13, 2014)
at CNBC.com (Oct 14, 2014)
at CNBC.com (Jul 22, 2014)
at CNBC.com (Jul 21, 2014)
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