Paul Davis

The New Jersey company will add three branches in the northern part of the state as part of the transaction.

The company also plans to shed some corporate office space by the end of this year.

CIT inherited the business with its purchase earlier this year of Mutual of Omaha Bank.

The Justice Department alleges that the bankers worked with “higher-ranking bank officials” at Washington Federal Bank for Savings in Chicago to falsify records and hide funds before the bank's December 2017 collapse.

The company said the sale will provide more consistent financial results and allow it to redeploy funds to support other businesses.

The company will use Savoy's midtown Manhattan office to coordinate business development efforts around the city.

The Los Angeles company will remain a community development financial institution when it acquires the parent of City First Bank in Washington.

USAL Bancorp will have nearly $300 million in assets after it buys Escambia County Bank.

The company will pay $156 million for a bank with a large Small Business Administration lending platform.

The Missouri company 's deal for Clifford Bancshares is set to close later this year.