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Taylor Capital Group (TAYC) in Chicago is buying back its outstanding Troubled Asset Relief Program shares as it waits to close its sale to MB Financial (MBFI).
November 4 -
MB Financial has agreed to buy Taylor Capital Group. The deal would create one of the largest banking companies in Chicago.
July 15
MB Financial (MBFI) plans to retain nearly all of the top executives at Taylor Capital Group (TAYC) following the companies' planned merger, according to a report Wednesday in Crain's Chicago Business.
All 10 of the highest-paid executives at the two Chicago companies will be given roles with the combined institution after the merger closes, according to an internal organizational chart
Because the two companies' now plan to keep on more executives than initially announced some in roles that appear to overlap the retentions could make it more difficult for MB Financial to achieve the cost savings it expects in integrating Taylor, according the Crain's report. In
An MB Financial spokeswoman did not immediately respond to American Banker's request for comment. Taylor Capital Group said the company "does not comment on rumors or personnel matters.".
Under the two companies' planned
The combined company's commercial lending group will be led by two executives, one from each company. Additionally, it will retain both MB Financial's Ed Milefchik and Cole Taylor's Larry Ryan, each of whom oversees middle-market lending at their respective companies. John Lynch, Taylor's head of commercial real estate lending, will lead client development for the combined company, Crain's reports.
Taylor Capital Chief Financial Officer Randall Conte will become chief operating officer at MB Financial, a new position, while current MB Financial CFO Jill York will remain in that role. Bruce Taylor, the chairman of Taylor Capital's board, will become vice chairman of the board of MB Financial Bank.
The combined company would have about $15 billion of assets, and MB Financial expects the merger to close in the first half of 2014. Taylor