Commercial banking concern Taylor Capital Group (NASDAQ:TAYC) announced yesterday its second-quarter dividend on the preferred securities of TAYC Capital Trust I (NASDAQ:TAYCP). The quarterly dividend is set at an annualized rate of 9.75%, which works out to $0.6094 per share and will be payable on July 1 to holders of record on June 28. Taylor Capital has paid the same rate to investors every quarter since 2003.
TAYC Capital Trust I is an unconsolidated subsidiary of Taylor Capital, which no longer pays a quarterly dividend on its common stock, having ended the practice in 2008.
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