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MB Financial, Inc. (“MB Financial”) (NASDAQ: MBFI) and Taylor Capital Group, Inc. (“Taylor Capital”) (NASDAQ: TAYC) announced the signing of a definitive merger agreement whereby MB Financial will acquire Taylor Capital. Taylor Capital is the holding company of Cole Taylor Bank, a commercial bank headquartered in Chicago with $5.9 billion in assets, $3.3 billion in loans and $3.7 billion in deposits as of June 30, 2013. MB Financial is the $9.4 billion Chicago-based holding company of MB Financial Bank, N.A.
The strategically attractive combination is expected to nearly double MB Financial’s middle market commercial banking market share in the Chicago area. Taylor Capital’s nine branches complement MB Financial’s existing network of 85 Chicago-area branches. The combined bank is expected to have a top-10 deposit market share ranking in the Chicago MSA and top-5 deposit market share ranking in Cook County. “The merger of Taylor Capital and MB Financial is a terrific strategic transaction. Each side brings a strong middle market commercial banking business as well as significant national niche businesses,” stated Mitchell Feiger, President and Chief Executive Officer of MB Financial.
“MB Financial Bank, which was founded in 1911, and Cole Taylor Bank, established in 1929, have been serving their customers and Chicago communities for generations, and we look forward to building on that long history and tradition together in the future,” said Bruce W. Taylor, Taylor Capital’s Chairman of the Board."We are proud to be joining the MB Financial organization, one that has a remarkably similar culture and values as ours. Having fulfilled the strategic and operating objectives that we have been pursuing over the past five years, we undertook a thorough review of our options for the future and determined without reservation that this path is clearly in the best long-term interests of our shareholders, clients, employees and the communities that we serve," said Mark A. Hoppe, President and Chief Executive Officer of Taylor Capital. "In MB Financial, we knew we would find bankers of a like business philosophy, who are intensely focused on satisfying customers’ financial needs and maintaining strong commitments to the Chicago community and to the national markets we serve. We are proud of the strong franchise we built and are very pleased to be a part of the exciting future of the combined organization.”