It probably ranks up there among a bank chief executive's worst nightmares: A director blabs to a reporter about a split on the board over the company's future.

That's what happened last week at $1.8 billion-asset Cole Taylor Financial Corp. of Wheeling, Ill. The contending parties are the founding Cole and Taylor families, each of which owns about a quarter of the company's stock.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.