CIT Group Inc. (NYSE: CIT), the commercial lender led by John A. Thain, agreed to buy OneWest Bank parent IMB Holdco LLC for $3.4 billion, attaching a regional bank to a national loan platform in an effort to boost profitability.

IMB Holdco shareholders will receive $2 billion in cash and 31.3 million shares of CIT common stock, which is valued at $1.4 billion at a CIT stock price of $44.33, and both boards of directors approved the deal, New York-based CIT said today in a statement. CIT shares surged 8.8 percent to $47.80 at 8:46 a.m. in early trading in New York after closing yesterday at $43.95.

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