CHICAGO, Dec. 19, 2011 /PRNewswire/ -- Taylor Capital Group, Inc. (the "Company") (NASDAQ: TAYC), the holding company for Cole Taylor Bank (the "Bank"), one of Chicago's leading middle market commercial banks, today announced that it has completed its previously disclosed $35.0 million rights offering, which expired in accordance with its terms at 5:00 p.m., Eastern Time, on December 14, 2011.
The rights offering was fully subscribed. Rightsholders exercising their subscription rights purchased a total of 4,424,778 shares of the Company's common stock, which was the maximum number offered, at a price of
$7.91 per share. Total gross proceeds to the Company were
$35.0 million. The Company currently intends to use the proceeds for general corporate purposes, particularly to provide additional liquidity to continue to act as a source of strength for the Bank, to better align its capital position with that of its peers and to support future growth plans.
In commenting on the capital raise, Mark A. Hoppe, President and Chief Executive Officer of Taylor Capital Group, said, "We continue to make progress on our goals of repositioning the balance sheet, strengthening asset quality and diversifying revenue to drive earnings. The success of this capital raise is further evidence of the commitment our investors, management team and employees have to our long term strategy and growth plans. I would like to thank all of the investors that participated in this capital raise, and especially the Steans Family for their continued leadership."
About Taylor Capital Group, Inc. (NASDAQ: TAYC)