CIT Group completed its previously announced acquisition of IMB Holdco, the parent company of OneWest Bank for approximately $3.4 billion in cash and stock. The transaction, which was first announced on July 22, 2014, has received all required regulatory approvals.

“The completion of this transaction advances our strategic efforts to build a leading commercial banking franchise,” said John A. Thain, chairman and CEO of CIT. “Through the combination of our national lending and leasing platform with OneWest’s wholesale lending and branch banking franchise, we’ve created a differentiated provider of banking services for small and middle market businesses. I look forward to working with our newest colleagues as we integrate our two organizations, serve the needs of our customers and communities and realize the benefits of this transaction for our shareholders.”

The combined company, CIT Group, has more than $65 billion in assets and more than $30 billion of deposits. As part of the transaction, CIT Bank merged with and into OneWest Bank, which was renamed CIT Bank.

CIT Group will continue to be led by Thain. Steven T. Mnuchin, former chairman of IMB Holdco, will join CIT Group as vice chairman and a member of its board of directors. In addition, Al Frank, a former independent director of OneWest Bank, joined the CIT Board, which increased its size from 13 to 15 members.

Under the terms of the transaction, IMB Holdco shareholders received approximately $1.867 billion in cash and approximately 30.9 million shares of CIT, as well as approximately 168,000 restricted stock units of CIT.

J.P. Morgan Securities served as financial advisor to CIT, and Wachtell, Lipton, Rosen & Katz served as CIT’s legal counsel. Goldman, Sachs, Bank of America Merrill Lynch and Cleary, Gottlieb, Steen & Hamilton represented IMB Holdco. Sullivan & Cromwell served as joint regulatory counsel for CIT and IMB Holdco.