Federal Regulators Approve Sale of Pasadena’s OneWest Bank

first_img Top of the News Name (required)  Mail (required) (not be published)  Website  Your email address will not be published. Required fields are marked * Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Community News EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes Make a comment Business News Herbeauty15 Countries Where Men Have Difficulties Finding A WifeHerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeautyThese Are 15 Great Style Tips From Asian WomenHerbeautyHerbeautyHerbeautyYou’ll Want To Get Married Twice Or Even More Just To Put Them OnHerbeautyHerbeautyHerbeauty7 Most Startling Movie Moments We Didn’t Realize Were InsensitiveHerbeautyHerbeautyHerbeautyTop 9 Predicted Haircut Trends Of 2020HerbeautyHerbeauty More Cool Stuffcenter_img First Heatwave Expected Next Week Subscribe Community News 8 recommended0 commentsShareShareTweetSharePin it Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Federal banking regulators have approved CIT Group Inc.’s purchase of Pasadena’s OneWest Bank, almost one year after the deal wasfirst announced.The merge is considered as one of the biggest recent bank deals in Los Angeles county, topped only by the planned acquisition of City National by Toronto’s Royal Bank of Canada.On Tuesday, July 21st, the federal Office of the Comptroller of the Currency (OCC) announced that it has granted conditional approval of the merger. The combined bank will change its name to CIT Bank, N.A.After the news was announced, CIT shares rose by as much as 4.6 percent to $49.27. the most in about a year. The stock price has increased by about 0.7 percent so far this year.OCC said it considered a number of public comments submitted in writing and expressed during a public hearing in February, and concluded that OneWest has satisfied the terms of the 2011 foreclose-related consent order. The order has been terminated.Opponents of the merger had slammed the two banks as beneficiaries of substantial public subsidies. They said CIT had gone bankrupt after receiving more than $2 billion in TARP funds – money that had not been paid back.A crucial part of the deal involved the Federal Deposit Insurance Corp. that agreed to absorb much of CIT’s bad debt under a loss-share agreement that will continue to benefit the merged bank.Since the loss-share deal was struck, OneWest’s original investors have pulled more than $2 billion in dividends out of the bank, and should make almost that much again through the sale to CIT.OneWest was known as IndyMac Bancorp before it went bankrupt in 2008. IndyMac made mortgages to people without verifying their income, prompting the Federal Deposit Insurance Corp. to take control in 2008.Though CIT will remain in New Jersey, the combined banks will have its headquarters in Pasadena. Business Districts News Federal Regulators Approve Sale of Pasadena’s OneWest Bank From STAFF REPORTS Published on Tuesday, July 21, 2015 | 4:26 pm Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadenalast_img read more

Limiting workplace email

first_img 21SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr I came across a New York Times opinion piece by Clive Thompson written over last year’s Labor Day weekend that remains fitting as we launch into this year’s holiday. The crux of the article: limiting workplace email.Thompson cited Gloria Mark, an expert on workplace behavior, who said white collar workers check their email messages an average of 74 times a day. This time spent writing and checking emails is time spent away from important tasks and projects – and possibly a much-needed vacation.Jennifer Deal, a senior research scientist at the Center for Creative Leadership, also quoted in the article, said there may be a reason why some employees are constantly writing and sending emails: lack of confidence. “When employees shoot out a fusillade of miniature questions via email, or ‘cc’ every team member about each niggling little decision, it’s because they don’t feel confident to make a decision on their own,” she said.However, a more empowered employee, she said, feels the freedom to make their own judgment calls and use the phone or have a face-to-face chat rather than type out a new email thread. continue reading »last_img read more