Commenting on the merger, MB Financial president and chief executive officer Mitchell Feiger said, "Each side brings a strong middle market commercial banking business as well as significant national niche businesses."
As per the terms of the deal, MBFI has agreed to offer nearly $22 per share of Taylor Capital, which equates the overall transaction value of nearly $680m, inclusive of stock option, warrant and restricted stock cash-outs.
Subject to various regulatory approvals as well as stockholders’ approvals from both companies, the transaction is likely to complete during the first half of 2014.
Taylor Capital president and CEO Mark Hoppe will become president and CEO of MB Financial’s subsidiary bank, MB Financial Bank, while Jennifer Steans and C Bryan Daniels from Taylor Capital’s board of directors will join the MB Financial board.
JP Morgan Securities, Silver, Freedman & Taff have been hired to offer advice to MB Financial, while Sandler O’Neill & Partners, Barack Ferrazzano Kirschbaum & Nagelberg have been selected to serve as advisers to Taylor Capital.
Taylor Capital is the holding company of Cole Taylor Bank, which operates as a commercial bank headquartered in Chicago with $5.9bn in assets, $3.3bn in loans and $3.7bn in deposits as of 30 June 2013.
