Cole Taylor Financial Group Inc. delayed releasing its second-quarter results, saying it will do so in mid-August.

The company is reconfiguring itself after a deal to sell Cole Taylor Bank and CT Mortgage Co. The deal, with an investment group led by the Taylor family, was announced in June and is expected to be completed early in early 1997.

The company said it expects operating results aside from expenses from the sale to be consistent with analysts' projections.

Cole Taylor Bank has 10 branches in Cook and DuPage counties in Illinois. CT Mortgage is a residential mortgage banking company operating in seven states in the Southeast.

Cole Taylor Financial is putting both units on its books as discontinued businesses and will revise financial statements for previous years. The company also owns Cole Taylor Finance Co., which trades as Reliance Acceptance Corp. and operates 37 branch offices in 14 states.

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