NEW YORK CITY—Commercial lender CIT Group Inc. said Tuesday that it would acquire Southern California-based OneWest Bank. The $3.4-billion cash-and-stock merger deal with IMB Holdco LLC, OneWest’s parent company, will increase CIT’s total assets to $67 billion in the largest bank acquisition of the year to date.

With 73 retail branches, OneWest rose from the ashes of the former IndyMac Bank in 2009, as a group led by former Goldman Sachs partner Steve Mnuchin bought IndyMac’s assets from the FDIC for $1.55 billion. Following the merger, OneWest will combine with CIT’s banking subsidiary under the name CIT Bank.

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