A memo sent out by Cole Taylor Mortgage president Willie Newman to the unit’s employees noted that for the past three months the mortgage banking unit has “talked with a significant number of potential financial partners,” including private equity firms looking to establish a presence in mortgage banking.
The memo is a follow-up to one Newman sent on Monday, and comes as parent company Taylor Capital Group Inc. reached agreement to be acquired by MB Financial. The memo was part of an 8-K filing by Taylor Capital obtained via DisclosureNet.com.
In the memo, Newman said, “These discussions have progresses and we are currently in more detailed discussions with several private equity firms.”
The unit becoming part of MB Financial is on the table as well.
Later in the memo Newman writes: “At the same time, the merger between MB Financial and Cole Taylor Bank results in a much larger financial institution where there will be opportunities for CTM to grow. In order to better understand the opportunity with MB Financial, we are initiating more in-depth discussions with executives from MB starting this Thursday.”