CHICAGO -- BankAmerica Business Credit said it has arranged a two-year, $100 million revolving line of credit for Cole Taylor Finance Co., a subsidiary of Cole Taylor Financial Group, a Chicago-based community banking company.
The BankAmerica portion is $55 million. The company served as lead bank and syndicator for a group that included LaSalle National Bank and Harris Trust and Savings Bank of Chicago, Daiwa Bank Ltd. of Japan, and Banc One Corp.'s Chicago bank.
Cole Taylor Finance, based in Wheeling, I11., has extended some $69 million in credit for automobile financing over the last year through operating subsidiaries in six states of its Reliance Acceptance Corp. unit.
Cole Taylor plans to pay off a previous $30 million line of credit and apply the rest of the funds to expansion, said Thomas L. Barlow, president and chief executive officer of the finance company.