The Office of the Comptroller of the Currency (OCC) and the Federal Reserve announced they have granted conditional approval to merge CIT Bank, Salt Lake City, UT, into OneWest Bank, Pasadena, CA.

The combined bank will change its name to CIT Bank, National Association.

The merger, one of the largest in the banking industry since the 2008 credit crisis will result in a combined business called CIT Bank

The approval follows consideration of numerous public comments submitted in writing and expressed during a public meeting conducted on February 26, 2015.

The OCC also determined that OneWest has satisfied the terms of the 2011 foreclosure-related consent order and the OCC has terminated that order.

OneWest completed the independent foreclosure review in accordance with the requirements included in the original 2011 order and did not enter into a payment agreement with the OCC.

Read the full release from the OCC here and the release from the Federal Reserve here.