MB Financial, Inc. and Taylor Capital Group, Inc. announced that they have signed a definitive merger agreement where MB Financial acquires Taylor Capital. Taylor Capital is the holding company of Cole Taylor Bank, which is a commercial bank headquartered in Chicago. Cole Taylor Bank holds US$5.9 billion in assets, US$3.3 billion in loans and US$3.7 billion in deposits as of the end June 2013. MB Financial is the Chicago-based holding company of MB Financial Bank, N.A. with an estimated US$9.4 billion in assets.
The strategically combination nearly doubles MB Financial's middle market commercial banking market share in the Chicago area. Taylor Capital holds nine branches that complement the MB Financial's existing network of 85 Chicago based branches.
Mitchell Feiger, President and Chief Executive Officer of MB Financial stated, "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."
"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."
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