ROSEMONT, Ill., Oct. 28 /PRNewswire-FirstCall/ -- Cole Taylor Bank, one of
Chicago's largest independent banks specializing in serving closely-held
businesses, and Nationwide Exchange Services (NES), of Cupertino, CA, jointly
announced today that they have reached an agreement to form a strategic
alliance in the handling of Cole Taylor's tax-deferred 1031 exchange business.
NES is a nationwide Qualified Intermediary providing a comprehensive set
of tax-deferred exchange products delivered through an advanced business
process technology platform.
As a result of this new alliance, Cole Taylor Bank's team of skilled
exchange professionals will immediately become part of the NES team, while the
bank will be the primary financial custodian for NES in the Midwest Region.
"By teaming up with Nationwide Exchange Services, we can now offer our
customers an expanded set of tax-deferred 1031 exchange products, such as
reverse and build-to-suit exchanges, at the highest level of customer service
while delivering the industry's most competitive cost structure," Bruce
Taylor, Cole Taylor's President and Chief Executive Officer, explained. "We
believe that their systems, processes and best of class 1031 solutions,
combined with Cole Taylor's financial security and brand recognition, will
allow us to further grow our deposits and offer superior solutions to our
customers," Taylor added.
"Extensive knowledge, increased 1031 transaction visibility and proactive
customer support are NES' trademarks," said Michael Halloran, President of
Nationwide Exchange Services. "The addition of the talented team from Cole
Taylor Bank, combined with our business process technology and suite of 1031
solutions, will enable us to deliver a level of service and value that
seamlessly supports Cole Taylor Bank's existing exchange customers and future
Scott Nathanson, formerly the head of Cole Taylor's Deferred Exchange,
will head up Nationwide Exchange Services' new Midwestern Regional office in
Chicago. As Vice President and Managing Director of NES, his responsibilities
will include raising the awareness of NES' 1031 tax-deferred products and
services throughout the central United States. "This is an exciting time for
both NES and Cole Taylor Bank. This alliance allows us to build on an already
stellar reputation of expertise and excellence in 1031 transactions.
Collaboratively we can bring distinct advantages to all 1031 customer sets,
from commercial developers and corporate entities, through individual
investors - part of my job will be to get the word out," said Mr. Nathanson.
About Cole Taylor
Cole Taylor Bank, a subsidiary of Taylor Capital Group, Inc.
(Nasdaq: TAYC), is a dedicated business bank with $3.1 billion in assets.
Cole Taylor Bank is Chicago's leading commercial bank specializing in serving
the business banking, real estate lending, and wealth management requirements
of closely-held businesses and family owned small and mid-sized businesses.
The Bank operates 11 banking center locations throughout the greater Chicago
metropolitan area. Cole Taylor Bank is a member of FDIC and is an Equal
About Nationwide Exchange Services
Nationwide Exchange Services ( http://www.nationwide1031.com ) is a
leading Qualified Intermediary for Tax-Deferred 1031 Exchanges. Since 1990,
NES has conducted thousands of successful 1031 exchange transactions across
the nation. Today, NES is applying advanced technologies and secure business
processes to deliver the highest standard of financial security, visibility,
and customer service to establish a new standard for products and services in
1031 tax-deferred exchanges.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release includes forward-looking statements that reflect our
current expectations and projections about our future results, performance,
prospects and opportunities. We have tried to identify these forward-looking
statements by using words including "may," "will," "expect," "anticipate,"
"believe," "intend," "could" and "estimate" and similar expressions. These
forward-looking statements are based on information currently available to us
and are subject to a number of risks, uncertainties and other factors that
could cause our actual results, performance, prospects or opportunities in
2005 and beyond to differ materially from those expressed in, or implied by,
these forward-looking statements. These risks, uncertainties and other factors
include, without limitation: the effect on our profitability if interest rates
fluctuate as well as the effect of our customers' changing use of our deposit
products; the possibility that our wholesale funding sources may prove
insufficient to replace deposits at maturity and support our growth; the risk
that our allowance for loan losses may prove insufficient to absorb probable
losses in our loan portfolio; possible volatility in loan charge-offs and
recoveries between periods; the effectiveness of our hedging transactions and
their impact on our future results of operations; the risks associated with
implementing our business strategy and managing our growth effectively;
changes in general economic conditions, interest rates, deposit flows, loan
demand, including loan syndication opportunities, competition, legislation or
regulatory and accounting principles, policies or guidelines, as well as other
economic, competitive, governmental, regulatory and technological factors
impacting our operations.
For further information about these and other risks, uncertainties and
factors, please review the disclosure included in the sections captioned "Risk
Factors" in our December 31, 2004 Annual Report on Form 10-K filed with the
SEC on March 10, 2005 and our Registration Statement on Form S-3 filed with
the SEC on August 5, 2005.
You should not place undue reliance on any forward-looking statements.
Except as otherwise required by federal securities laws, we undertake no
obligation to publicly update or revise any forward-looking statements or risk
factors, whether as a result of new information, future events, changed
circumstances or any other reason after the date of this press release.
SOURCE Taylor Capital Group, Inc.