The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) announced a joint public meeting on the proposal for CIT Group to acquire IMB Holdco and its subsidiary, OneWest Bank. The proposal also includes the merger of CIT Bank into OneWest Bank.

The purpose of the meeting is to collect information relating to the convenience and needs of the communities to be served, including a review of the insured depository institutions’ performance under the Community Reinvestment Act. The agencies also will consider and collect information on other factors in making a decision on the application, including the effects of the proposal on the stability of the U.S. banking or financial system, the financial and managerial resources and future prospects of the companies and banks involved in the proposal, and competition in the relevant markets, according to an OCC release.

The public meeting will be held at the Los Angeles Branch of the Federal Reserve Bank of San Francisco, 950 South Grand Avenue, Los Angeles, California, on Thursday, February 26, 2015, beginning at 8:00 a.m. PST.

To view the full release, click here.

Previously on monitordaily: Opposition to CIT, OneWest Bank Merger Growing