- The Fed and the OCC on Feb. 26 will hold a public hearing on CIT Group's (CIT +1.1%) plan to purchase the parent of OneWest Bank for $3.4B in cash and stock. OneWest had waged an unusual public campaign arguing no hearing was necessary.
- The two announced the merger deal last July.
- OneWest is the former failed California bank IndyMac that resurfaced thanks to investments by a group including George Soros and John Paulson. CIT, of course, is led by another character from the financial crisis - John Thain.
Slight setback for CIT Group's OneWest purchase
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