CHICAGO, Nov. 1, 2013 /PRNewswire/ -- Taylor Capital
Group, Inc. (the "Company") (NASDAQ: TAYC), the parent company of
Cole Taylor Bank (the "Bank"), agreed to repurchase 11,000 shares
of its outstanding Fixed Rate Cumulative Perpetual Preferred Stock,
Series B (the "Series B Preferred Stock"), in two privately
negotiated transactions for an aggregate price of $11.0 million, the face liquidation amount of the
shares, plus approximately $116,000
of accrued but unpaid dividends at a current annual rate of
5.0%. These repurchases are expected to settle on
November 1, 2013, and will be funded
using available cash on hand at the Company.
In addition, the Company announced it has issued a notice to
redeem 47,650 shares of Series B Preferred Stock for an aggregate
price of $47.7 million, the face
liquidation amount of the shares, plus approximately $708,000 of accrued but unpaid dividends.
The shares will be redeemed pro rata from current holders, through
The Depository Trust Company as securities depository for the
Series B Preferred Stock. The redemption date will be
December 2, 2013, and the transaction
will be funded using available cash on hand at the
Company.
Following completion of both the privately negotiated repurchase
and the redemption, 19,973 shares of the Series B Preferred Stock
will remain outstanding, representing a remaining liquidation
amount of approximately $20.0
million. This announcement, as well as additional
information (including the Company's Notice of Redemption with
respect to the redemption of the Series B Preferred Stock), can be
found on Taylor Capital Group's website:
www.taylorcapitalgroup.com.
About Taylor Capital Group, Inc. (NASDAQ: TAYC)
Taylor Capital Group, Inc. is the holding company of
Cole Taylor Bank, a commercial bank
headquartered in Chicago with
assets of $6.0 billion as of
September 30, 2013. For more than 80
years, Cole Taylor Bank has been
successfully meeting the banking needs of closely-held companies
and the people who own and manage them by focusing on a
relationship-based approach to business. Through its national
businesses, Cole Taylor provides a
full range of financial services, including asset based lending,
commercial equipment financing, and residential mortgage
lending.
Visit www.coletaylor.com
Forward Looking Statement Disclaimer Referenced In
Comments:
Forward-looking statements: Certain statements in this press
release constitute forward-looking statements. These
forward-looking statements reflect our current expectation about
certain prospects and opportunities, and anticipated or expected
events. We have tried to identify these forward-looking statements
by using words such as "may," "plan," "should," "will,"
"expect," "believe," "intend," "could" and "estimate" and similar
expressions. These forward-looking statements are based on
information currently available to us and are subject to a number
of risks, uncertainties and other factors that could cause our
performance and actual events in 2013 and beyond to differ
materially from expectations expressed in, or implied by, these
forward-looking statements.
SOURCE Taylor Capital Group, Inc.