CIT Group Inc. said Tuesday it plans to purchase IMB Holdco LLC, the parent company of privately owned OneWest Bank, for $3.4 billion in cash and stock. OneWest runs 73 retail branches in southern California. CIT Bank, CIT Group's banking unit, will merge with OneWest Bank under the CIT Bank, increasing total assets to $67 billion and $28 billion in deposits. CIT said it expects the deal to add 20% to its per-share earnings in 2016.

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