CHICAGO, Nov. 22, 2013 /PRNewswire/ -- Taylor Capital Group, Inc. (the "Company") (TAYC), the parent company of Cole Taylor Bank (the "Bank"), announced it has issued a notice to redeem all of its remaining 19,973 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B (the "Series B Preferred Stock") for an aggregate price of $20.0 million, the face liquidation amount of the shares, plus approximately $105,000 of accrued but unpaid dividends at a current annual rate of 5.0%. The shares will be redeemed from current holders, through The Depository Trust Company as securities depository for the Series B Preferred Stock. The redemption date will be December 23, 2013, and the transaction will be funded using available cash on hand at the Company.
Following completion of both this redemption and the redemption announced on November 1, 2013, there will be no shares of the Series B Preferred Stock outstanding. 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. (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.
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.
- Venture Capital
- Depository Trust Company
- Preferred Stock