UPDATE 1-Wells Fargo to buy CIT Group's construction unit

(Reuters) - Terms were not disclosed. CIT Construction, based in Tempe,
Arizona, had $2.4 billion of assets and 235 employees as of
March 31. It has offered construction financing since 1938.




The transaction is expected to close by June 30. It extends
Wells Fargo's strategy of making small, "fill-in"
acquisitions.


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