Taylor Capital to repurchase $26.2 million of its series B preferreds

By Tali David

Minneapolis, July 11 - Taylor Capital Group, Inc. agreed to repurchase 26,200 shares, or about 25%, of its outstanding series B fixed-rate cumulative perpetual preferred stock, according to a press release.

The company will pay the face liquidation amount of $26.2 million plus about $200,000 of accrued interest for the preferreds on July 15 using available cash on hand.

Following the transaction, 78,623 shares, or $78.6 million, of the preferreds will remain outstanding.

Taylor Capital is a Rosemont, Ill.-based holding company for Cole Taylor Bank.

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