cit bank and onewest bank have become subjects of extensive research among customers who want to understand the merger between these two financial institutions, how it happened, and what it means for the stability and future of their banking services. Although both banks operated independently for years, their integration shaped the direction of digital banking, retail services, and regulatory standards in the United States.
Understanding their history and connection provides clarity for former and current customers who want information about account transitions, regulatory oversight, and long term implications.
1. Historical Background of CIT Bank
CIT Bank began as part of CIT Group, a long standing financial company that offered commercial lending and business financing services. Before merging with OneWest Bank, CIT Group was known for its focus on small and mid sized business lending, equipment financing, and corporate credit solutions.
Over time, the company expanded into consumer banking by establishing CIT Bank as a digital focused institution offering high yield savings products, certificates of deposit, and online banking solutions. This growth helped CIT Bank build a reputation in the competitive online banking industry, attracting customers across the United States.
CIT Bank’s digital only structure allowed it to operate with lower overhead costs compared to traditional banks. As a result, it provided competitive interest rates, which became a key selling point. This foundation played an important role when discussing the future integration of cit bank and onewest bank, because it showed how CIT Bank’s digital strengths complemented OneWest Bank’s physical branch presence.
2. The Origins of OneWest Bank
OneWest Bank was established after the financial crisis when a group of investors purchased the assets of a failed mortgage lender. From the beginning, OneWest Bank focused on serving customers in California through a network of physical branches that offered checking accounts, mortgage products, home equity services, and savings solutions. The bank grew into a well known regional institution, especially in Southern California.
Despite its growth, OneWest Bank was also associated with regulatory scrutiny due to its handling of mortgage servicing and foreclosures. This part of its history became relevant when customers later searched for information about cit bank and onewest bank, since many people wanted clarity on how the merger affected the legacy issues of OneWest Bank. Over time, OneWest sought stability and expansion opportunities, which eventually led to its acquisition.
3. The Merger Between CIT Bank and OneWest Bank
The merger between cit bank and onewest bank was completed in 2015 when CIT Group acquired OneWest Bank. This historic transaction brought together two very different banking models. CIT Bank was primarily digital, while OneWest operated an extensive branch network. The merger created a more diversified institution that could offer both online savings products and in person banking services.
This integration offered several advantages. CIT Bank gained access to a stronger retail presence, while OneWest customers benefited from improved digital banking platforms. Customers also gained access to broader financial products, including business financing solutions that CIT was known for. This made the combined institution more competitive and versatile than before.
Regulators scrutinized the merger closely due to OneWest’s previous activities, but after thorough review, the acquisition was approved. Many customers who searched for information about cit bank and onewest bank wanted reassurance about the legitimacy and safety of the combined institution during this transition.
4. Effects of the Merger on Customer Accounts
The merger created several changes for customers, although many of them were gradual. For former OneWest customers, branch banking continued to operate normally, but online services increasingly shifted toward CIT Bank’s digital systems. Checking accounts, savings accounts, and mortgage products remained active and customers were still able to use their existing account numbers and banking credentials during the early stages of integration.
The most notable impact was the transition to a more advanced digital banking experience. CIT Bank’s online platform improved the user interface, mobile access, and speed of online transactions. Customers also benefited from enhanced digital savings tools and remote banking features. Over time, some OneWest branded branches remained operational, although they operated under CIT’s oversight.
These changes explain why many clients search the keyword cit bank and onewest bank, especially those seeking updates about their account status or online login information.
5. Regulatory Considerations and Transparency Efforts
After the merger, CIT Group placed significant emphasis on regulatory compliance and transparent banking practices. OneWest Bank had previously faced questions about its foreclosure handling, and many customers wanted transparency about how those concerns would be addressed under the new institution. CIT Group introduced improved compliance systems, oversight processes, and customer protections aimed at strengthening public confidence.
The combined institution assured customers that all deposit accounts remained FDIC insured. Mortgage servicing remained operational with consistent terms, and no major structural changes affected customer obligations. This reassurance was crucial in stabilizing public perception of cit bank and onewest bank after their merger.
6. Improvements in Digital Banking Services
One of the strongest outcomes of combining cit bank and onewest bank was the enhancement of online banking capabilities. CIT Bank was already a recognized digital leader in offering high yield savings accounts, and integrating OneWest’s customers introduced more users to these digital services. The improved mobile app, secure online portal, remote check deposit, and streamlined transfer options provided a more complete banking experience.
Former OneWest Bank customers, who were accustomed to branch centered banking, found these new digital tools helpful for managing their finances more efficiently. At the same time, CIT Bank benefited from a larger customer base and the ability to expand its digital savings footprint across the country.
This transformation contributed to stronger brand recognition and encouraged customers to trust digital first banking models.
7. The Acquisition of CIT Group by First Citizens Bank
In 2022, another major development occurred. CIT Group, including CIT Bank and OneWest Bank, was acquired by First Citizens Bank. This event marked a new chapter in the story of cit bank and onewest bank, as the combined institutions became part of one of the strongest and most stable family controlled banks in the United States.
This acquisition strengthened financial stability and introduced a broader range of banking services. Customers continued to enjoy FDIC insurance, improved digital banking systems, and access to an even larger branch network through First Citizens Bank. Over time, branding changes were introduced, but account services remained uninterrupted.
Many customers searching cit bank and onewest bank today are often looking for confirmation about this acquisition and details about the current banking structure.
8. The Future of Services for Former CIT and OneWest Customers
Under First Citizens Bank, the legacy of cit bank and onewest bank continues to evolve. Customers can expect long term stability due to First Citizens’ strong financial foundation. The bank is known for conservative financial management and a history of successful acquisitions. This structure provides customers with greater confidence in the safety and reliability of their accounts.
Moving forward, digital banking services are expected to continue improving. The integration of CIT’s technology and First Citizens’ nationwide reach provides a valuable combination for customers. The institution is committed to maintaining high quality customer service, expanding online features, and ensuring regulatory compliance.
9. Why Understanding This Merger Matters to Customers
The connection between cit bank and onewest bank remains relevant because many customers still hold legacy accounts, mortgage loans, or savings products from before the mergers. Understanding the timeline and changes helps customers navigate online banking platforms, branch transitions, and updates in financial services.
Additionally, many people researching the topic are comparing the institution’s past and present reputation. Knowing how regulatory challenges were addressed and how the bank strengthened its compliance measures allows customers to make informed decisions.
10. Summary of the Combined Banking Legacy
The merger and subsequent acquisition created a stronger and more comprehensive financial institution. The transformation of cit bank and onewest bank reflects broader trends in banking modernization, digital transformation, and consolidation. Customers benefit from improved technology, expanded service options, and long term institutional stability.
The evolution from two separate banks into a unified entity under First Citizens Bank highlights how financial institutions adapt to changing economic conditions and customer expectations. By understanding this journey, customers gain clarity about their accounts and have confidence in the future of their financial services.