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Exec: Proposed Deal Has No Impact on Cole Taylor Mortgage

JUL 15, 2013 4:52pm ET
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Right now there are no changes to the relationship between Cole Taylor Mortgage and its B2B customers in the wake of the proposed acquisition of Taylor Capital Group by MB Financial, both of Chicago.

In a memo sent out by Willie Newman, president of Cole Taylor Mortgage, he said, “Our relationship with you is built on trust and transparency. With news of this magnitude, it felt right to also inform you of our strategic discussions and ambitions for the future.

“At CTM, we believe that we have significant additional opportunities ahead of us. These opportunities are only possible when our relationship with our clients is strong and evolving.”

He said the transaction establishes “a major participant in the markets it serves.”

Newman came on board to build the mortgage operation at Taylor Capital in December 2009. He said its growth has been because of the relationship the mortgage company has with the executive management and board at Cole Taylor Bank.

“Earlier this year, we kicked off a series of strategic discussions in response to current market trends and the significant implications of our future growth opportunities on CTB. These discussions are proceeding nicely, and we expect to share our thinking regarding our strategic alternatives in more detail in the near future. With the announcement of the merger, executives from MB Financial Bank will now be integrated into these discussions,” Newman said in the memo.

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