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Taylor Capital Announces Preferred Stock Offering

Stocks in this article: TAYC





CHICAGO, Nov. 16, 2012 /PRNewswire/ -- Taylor Capital Group, Inc. (the "Company") (NASDAQ: TAYC), the parent company of Cole Taylor Bank, priced a public offering of $100.0 million of its Perpetual Non-Cumulative Preferred Stock, Series A (the "Preferred Stock"), at a price of $25.00 per share.  Dividends on the Preferred Stock will be payable when, as and if declared by the Company's board of directors on a non-cumulative basis at an annual rate of 8.00%.

The offering is expected to close on or about November 20, 2012 subject to customary conditions.  The Company intends to use the net proceeds of this offering to facilitate the further expansion of its national businesses (Cole Taylor Mortgage, Cole Taylor Business Capital and Cole Taylor Equipment Finance) and its Chicago commercial banking business and for general corporate purposes.  The Preferred Stock has been structured to qualify as Tier 1 capital under currently applicable regulatory guidelines.

Sandler O'Neill + Partners is the sole book running manager for the offering.  Co-managers are Stifel Nicolaus & Co, Inc., Janney Montgomery Scott LLC., and Boenning & Scattergood, Inc. This offering is being made pursuant to a prospectus supplement to the Company's prospectus, dated January 26, 2011, filed as part of the Company's effective universal shelf registration statement.  Copies of the prospectus supplement and accompanying prospectus relating to the Preferred Stock may be obtained by contacting the sole book running manager:  Sandler O'Neill + Partners, Attention:  Prospectus Department, telephone: (866) 805-4128 or by visiting EDGAR on the SEC Web site at http://sec.gov/

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction. 

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