Taylor Capital buys back, calls $58.7 million of series B preferreds

By Marisa Wong

Madison, Wis., Nov. 1 - Taylor Capital Group, Inc. repurchased 11,000 shares of its outstanding fixed-rate cumulative perpetual preferred stock, series B, in two privately negotiated transactions, according to an 8-K filing with the Securities and Exchange Commission.

The preferreds were purchased at $11 million, the face liquidation amount of the shares, plus about $116,000 of accrued dividends at a current annual rate of 5%.

These repurchases settled on Friday and were funded using available cash on hand.

Also on Friday, the company announced it plans to redeem 47,650 shares of the series B preferreds for $47.7 million, the liquidation amount, plus roughly $708,000 of accrued dividends.

The company will redeem the shares on Dec. 2 using cash on hand.

Following completion of both the privately negotiated buyback and the redemption, 19,973 shares of the series B preferreds will remain outstanding, representing a liquidation amount of about $20 million.

Taylor Capital is the parent company of Cole Taylor Bank and is based in Rosemont, Ill.

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