Taylor Capital (TAYC) Completes $35M Fully-Subscribed Rights Offering
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Taylor Capital Group, Inc. (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.
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.
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