CIT made three announcements this morning, Tuesday July 22:
Second Quarter Earnings
We reported net income of $247 million, $1.29 per diluted share, for the second quarter of 2014, compared to net income of $184 million, $0.91 per diluted share, for the year-ago quarter.
Acquisition of OneWest Bank
We announced that CIT Group Inc. has entered into a definitive agreement and plan of merger with IMB Holdco LLC, the parent company of OneWest Bank N.A. (“OneWest Bank”), for $3.4 billion in cash and stock.
Highlights of the aquisition:
- Ability to Leverage OneWest’s Commercial Banking Capabilities to CIT’s Customers
- Transaction Is Immediately Accretive to CIT’s Earnings Per Share
- Improves ROTCE and Accelerates Use of Net Operating Losses (NOL)
- CIT’s Total Assets Will Increase to $67 Billion; Total Deposits Will Increase to $28 Billion
- Combines CIT’s National Lending Platform with OneWest’s Regional Branch Banking Network
View the Investor Presentation at www.cit.com/investor.
$500 Million Share Repurchase
Our Board of Directors approved the repurchase of up to $500 million of common stock through June 30, 2015.
As a reminder John Thain, Chairman and CEO of CIT, hosted an investor call this morning at 8:00 AM EDT. You can listen to the call at:
U.S. Toll Free 888-317-6003
International 412-317-6061
Canada Toll Free 866-284-3684
Elite Entry Code 3040694
Webcast www.cit.com/investor
A replay will be available afterwards as well from the investor website.
