Taylor Capital Group (TAYC) in Chicago is registering 20.6 million shares of its stock to make it easier for certain shareholders to sell the securities.
The $4.7 billion-asset company filed a shelf registration Friday that would register 1.3 million shares of convertible preferred stock and 19.4 million of common stock. The securities are held by members of the Taylor family and other investors such as private-equity firm Prairie Capital and Harrison Steans, a former chairman of LaSalle National Bank and Jennifer Steans, the chairman of USAmeribancorp in Largo, Fla.
Prairie and the Steans have been a part of several private placements during the last few years, as Taylor Capital tried to aggressively expand its commercial and industrial business while dealing with pre-existing commercial real estate issues. Stock issued during private placements, however, is not registered, making it more difficult to sell.
In the prospectus, the company said that it has agreements that obligate it to register the stock to make it easier for the holders to sell the securities, but "we are not aware of any current plans of these holders to sell a material amount of such securities."
