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Tuesday, July 22, 2014

Deals of the day- Mergers and acquisitions, (NYSE: CIT)

The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Tuesday:** U.S. small-business lender CIT Group Inc said it would purchase California bank OneWest Bank NA for $3.4 billion in cash and stock, a deal that will give CIT a more reliable source of funding.

CIT Group Inc. is a bank holding company (BHC) together with its owned subsidiaries (CIT), provides primarily commercial financing and leasing products and other services to small and middle market businesses across a range of industries. Shares of CIT traded higher by 10.9% or $4.79/share to $48.74. In the past year, the shares have traded as low as $41.06 and as high as $52.72. On average, 1786470 shares of CIT exchange hands on a given day and today's volume is recorded at 8525682.