Cole Taylor Reports Sale of Corporate Trust Business to Amalgamated Bank of Chicago
ROSEMONT, Ill., Feb. 19 /PRNewswire-FirstCall/ -- Cole Taylor Bank, a wholly owned subsidiary of Taylor Capital Group, Inc. (Nasdaq: TAYC), and Amalgamated Bank of Chicago today announced that Cole Taylor Bank is selling its corporate trust business to Amalgamated Bank of Chicago, a leading provider of corporate trust services in the Chicago area. Cole Taylor customers are being notified of the transaction which is expected to close in the second quarter of 2010.
Bruce W. Taylor, Chairman of Cole Taylor Bank, said, "We believe that this change is in the best interests of our customers and the Bank. This transaction allows us to further sharpen our focus on our core, relationship-based commercial banking business, while providing our corporate trust customers with a broad product offering and strong trust expertise. We are working closely with Amalgamated Bank to ensure a smooth transition."
Robert M. Wrobel, President and Chief Executive Officer of Amalgamated Bank of Chicago, said, "We are excited about this opportunity which will permit the Bank to continue to grow our corporate trust business. This acquisition will allow our experienced and professional staff to provide customized, pro-active service to a larger segment of the Midwest market."
About Taylor Capital Group, Inc. (Nasdaq: TAYC)
Taylor Capital Group, Inc. is a $4.4 billion bank holding company for Cole Taylor Bank, a Chicago-based commercial bank specializing in serving the banking needs of closely held businesses and the people who own and manage them. Cole Taylor is a member of the FDIC and an Equal Housing Lender.
About Amalgamated Bank of Chicago
Founded in 1922, Amalgamated Bank of Chicago specializes in serving the financial needs of governmental units, various national, international and local unions and their members, and corporate and commercial organizations. As of December 31, 2009, Amalgamated Bank's assets were $768 million.
SOURCE Cole Taylor Bank