First Citizens Bank completed its conversion from OneWest Bank to First Citizens’ operations and systems division. This conversion integrates OneWest Bank customer accounts into First Citizens products and services.
Heather Ellison has joined OneWest Bank, CIT Group’s Southern California branch bank, as senior vice president and head of the retail branch banking channel. She succeeds Terri Decker, who has elected to retire in March of 2018.
CIT Group’s $3.4 billion acquisition of OneWest Bank won approval from U.S. regulators after being delayed for almost one year. The merger will result in a combined business called CIT Bank.
Bloomberg reported that OneWest CEO Joseph Otting sent an e-mail to his contacts on Wall Street asking for help to discourage bank overseers from holding public hearings on its takeover by CIT.
S&P views CIT’s pending OneWest Bank acquisition as likely to improve CIT’s current credit profile, despite the fact that the transaction will weaken the company’s capital, and raise integration and strategic risks and uncertainties.
CIT Group announced it entered into a definitive agreement and plan of merger with IMB Holdco, the parent company of OneWest Bank, for $3.4 billion in cash and stock.
PostRock Energy announced its revolving credit facility was increased to $115 million. This represents a $20 million increase in the company’s borrowing base. Citibank led the transaction.
Open Road Films extended its $100-million revolving credit facility through 2018, and Bank of America, Union Bank, OneWest Bank and Wells Fargo renewed commitments with the film company, the Los Angeles Times reported.