July 22, 2014 / 10:47 AM / 3 years ago

CIT to buy regional lender OneWest for $3.4 billion

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July 22 (Reuters) - Small-business lender CIT Group Inc said it would buy regional lender OneWest Bank NA for $3.4 billion in cash and stock.

The bank expects the transaction to be 20 percent accretive to earnings per share in 2016.

CIT also reported a 34 percent rise in second-quarter profit as it earned higher income from its aerospace and railcar leasing business. (Reporting By Neha Dimri in Bangalore; Editing by Maju Samuel)

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