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The Treasury has commenced another auction of Tarp holdings. At least banks are planning to use the auction as an opportunity to retire preferred shares that will carry a 9% interest rate in late 2003.
June 11 -
Taylor Capital Group (TAYC) in Chicago plans to retire one-quarter of its Troubled Asset Relief Program stock that the Treasury Department auctioned to private investors last June.
July 11 -
MB Financial has agreed to buy Taylor Capital Group. The deal would create one of the largest banking companies in Chicago.
July 15 -
The "we are all buyers" mentality held by most of Chicago's large community banks changed when Taylor Capital agreed to sell to MB Financial for $680 million. It could signal the beginning of long-awaited consolidation in the Chicago area.
July 15 -
Taylor Capital Group (TAYC) in Chicago plans to enter the mortgage-servicing business through the purchase of servicing rights and facilities from Liberty Savings Bank of Wilmington, Ohio.
June 4
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).
The $6 billion-asset company said Friday that it bought back a portion of its Tarp from third-party investors at a face value of about $11 million. Taylor also said it plans to redeem $47.7 million of shares on Dec. 2, using cash for both buybacks.
Following the two transactions, Taylor would have about $20 million of Tarp outstanding. It received $104.8 million through the program in November 2008, and the Treasury Department
In July, Taylor
Taylor's third-quarter earnings fell 15% from a year earlier, to $14.2 million, after it recorded about $2 million of merger-related expenses.
