ROSEMONT, Ill., March 11 /PRNewswire-FirstCall/ -- Mark A. Hoppe, Chief Executive Officer and President for Cole Taylor Bank, recently announced the sale of the bank's branch office located at 824 East 63rd Street, Chicago, Illinois, to Highland Community Bank. The deal is expected to close on March 31, 2008.
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The sale represents a critical step in the streamlining of Cole Taylor's banking center operations, enabling it to focus on its niche market of closely-held businesses. Announcing the sale, Paul W. Kogol, Group Senior Vice President and Director of Banking Centers for Cole Taylor Bank said, "Cole Taylor has worked in recent years to realign its operations to better support its commercial banking strategy. The sale of the Woodlawn office, coupled with the closing of our Orland Park banking center in October, 2007, will enable us to sharpen our focus on our niche market and truly concentrate our efforts on fulfilling our mission to be Chicago's bank for closely-held businesses."
Highland Community Bank, a community bank serving Chicago's south side for more than 38 years, believes the banking center is a good fit for their business plan. It will allow them to strengthen their base in the Woodlawn / Englewood area and afford them the opportunity to reach more area residents and businesses with products for home and auto purchases, home repairs, and loans for churches and other not-for profit organizations.
According to Kogol, "We took great care in identifying the right buyer for our Woodlawn office and believe that the sale is in the best interest of customers, the Woodlawn neighborhood, Highland and Cole Taylor. Highland's business strategy is very well-aligned with the banking needs of the office's clientele. Our Woodlawn customers will begin receiving information soon from Highland on the types of accounts it offers and I believe they will be pleased with what they see."
About Cole Taylor Bank
Cole Taylor Bank, a subsidiary of Taylor Capital Group, Inc. , specializes in meeting the unique financing, cash management and wealth management needs of the owners of Chicago's closely-held companies. One of Chicago's largest independent banks with more than $3 billion in assets, Cole Taylor Bank has supplied sound financial guidance to Chicago-area businesses for more than 75 years. Cole Taylor Bank is a member of FDIC and an Equal Housing Lender.
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