CIT Group has completed its acquisition of OneWest Bank in Pasadena, Calif.

The New York company paid $3.4 billion in cash and stock for OneWest after receiving regulatory approvals on July 21. The combined company has more than $65 billion in assets, putting it in the category of systemically important financial institutions.

The banks have committed to making $5 billion in community reinvestments over four years, partly as a way to satisfy community groups that had opposed the merger.

OneWest was created in 2009 after the failure of the alternative-A lender IndyMac Bank.

Steven Mnuchin, former chairman of OneWest's holding company, IMB Holdco, will join CIT's board. OneWest independent director Al Frank will also join the CIT board. CIT expanded its board from 13 to 15 directors to accommodate the additions.

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