<PAGE>   1
                                                                    EXHIBIT 10.1


                              THIRD AMENDMENT TO
                           REVOLVING LOAN AGREEMENT


     THIS THIRD AMENDMENT TO REVOLVING LOAN AND SECURITY AGREEMENT dated as of
May 1, 1998 (this "Amendment"), is between TAYLOR CAPITAL GROUP, INC., an
Delaware corporation (the "Borrower"), and LASALLE NATIONAL BANK, a national
banking association (the "Bank").

                             W I T N E S S E T H:

     WHEREAS, the Borrower and the Bank entered into a Loan Agreement dated as
of February 12, 1997, as amended by a First Amendment dated February 27, 1997
and a Second Amendment dated November 1, 1997 (as so amended, the "Agreement");
and

     WHEREAS, the Borrower and the Bank have agreed to amend the Agreement as
more fully described herein,

     NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and adequacy of which are hereby
acknowledged, the parties hereto agree as follows:

     1. DEFINITIONS.  All capitalized terms used herein without definition
shall have the respective meanings set forth in the Agreement.

     2. AMENDMENTS TO THE AGREEMENT.

        2.1 Amendment to Section 1.1.  The definition of "Revolving Credit
Maturity Date" set forth in Section 1.1 of the Agreement is hereby amended by
deleting therefrom the date "May 1, 1998" and substituting therefor the date
"June 1, 1998".

        2.2 Replacement of Exhibit 3.1.  Exhibit 3.1 attached to and made a
part of the Agreement is hereby deleted in its entirety and Exhibit 3.1
attached hereto is hereby substituted therefor.

     3. WARRANTIES.  To induce the Bank to enter into this Amendment, the
Borrower  warrants that:

        3.1 Authorization.  The Borrower is duly authorized to execute and
deliver this Amendment and is and will continue to be duly authorized to borrow
monies under the Agreement, as amended hereby, and to perform its obligations
under the Agreement, as amended hereby.

        3.2 No Conflicts.  The execution and delivery of this Amendment and the
performance by the Borrower of its obligations under the Agreement, as amended
hereby, do not and will not conflict with any provision of law or the charter
or by-laws of the Borrower or of any agreement binding upon the Borrower.




<PAGE>   2

        3.3 Validity and Binding Effect.  The Agreement, as amended hereby, is
a legal, valid and binding obligation of the Borrower, enforceable against the
Borrower in accordance with its terms, except as enforceability may be limited
by bankruptcy, insolvency or other similar laws of general application
affecting the enforcement of creditors' rights or by general principles of
equity limiting the availability of equitable remedies.

        3.4 No Default.  As of the date hereof, no Event of Default under
Section 8 of the Agreement, as amended by this Amendment, or event or condition
which, with the giving of notice or the passage of time, shall constitute an
Event of Default,  has  occurred or is continuing. 

        3.5 Warranties.  As of the date hereof, the representations and
warranties in Section 7  of the Agreement are true and correct as though made
on such date, except for such changes as are specifically permitted under the
Agreement.

     4. GENERAL.

        4.1 Law.  This Amendment shall be construed in accordance with and
governed by the laws of the State of Illinois.

        4.2 Successors.  This Amendment shall be binding upon the Borrower and
the Bank and their respective successors and assigns, and shall inure to the
benefit of the Borrower and the Bank and their respective successors and
assigns.

        4.3 Confirmation of the Agreement.  Except as amended hereby, the
Agreement shall remain in full force and effect and is hereby ratified and
confirmed in all respects.

     5. EFFECTIVENESS.  This Amendment shall become effective upon receipt by
the Bank of the following documents, duly executed by the parties thereto:

        (a) This Amendment;

        (b) Substitute Revolving Note in the form of Exhibit 3.1 attached
hereto duly executed by the Borrower; and

        (c) such other documents as the Bank reasonably may request.

     IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first above written.



LASALLE NATIONAL BANK                  TAYLOR CAPITAL GROUP, INC.

By: /s/ Jay C. Goldner           By: /s/ J.C. Alstrin
   -------------------              -----------------
Its: Vice President              Its: Chief Financial Officer
    ---------------                  ------------------------