July 21, 2015 / 7:50 PM / 5 years ago

U.S. bank regulator approves Cit Bank, OneWest Bank merger

WASHINGTON (Reuters) - The U.S. Office of the Comptroller of the Currency on Tuesday said it had granted conditional approval to merge Cit Bank (CIT.N) into OneWest Bank into a combined bank named CIT Bank.

U.S. small-business lender CIT Bank said last year it would buy California bank OneWest Bank NA for $3.4 billion in cash and stock, a deal that will give CIT a more reliable source of funding.

The approval came after the regulator considered a batch of public comments, the OCC said.

Reporting by Douwe Miedema; Editing by Sandra Maler

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