EXHIBIT 99.1
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                                                        FOR FURTHER INFORMATION:
                                                               Gary L. Svec, CFO
                                                            PrivateBancorp, Inc.
                                                                    312-683-7100
For Immediate Release

                         PRIVATEBANCORP, INC. TO ACQUIRE

                        LODESTAR INVESTMENT COUNSEL, INC.

         Chicago, IL, September 5, 2002--- PrivateBancorp, Inc. (NASDAQ: PVTB)
today announced that it has signed a definitive agreement to acquire a
controlling interest in Lodestar Investment Counsel, Inc., a Chicago-based
investment advisor.

         Lodestar, with $467 million in assets under management, is a fee-based
investment management firm that specializes in serving the high net worth
marketplace. The firm, founded in 1989 by William A. Goldstein, its President,
manages equity, balanced and fixed income accounts primarily for high net worth
individuals, retirement plans (corporate and individual) and charitable
organizations with investable assets in excess of $1,000,000.

         Subsequent to closing, PrivateBancorp, through its subsidiaries The
PrivateBank and Trust Co., The PrivateBank (St. Louis) and Lodestar, will have
in excess of $1.25 billion in client assets under management.

         "Lodestar represents an important step in one of our stated strategies
to increase fee-based income and expand our wealth management services. Bill
Goldstein and his team have compiled an impressive track record as asset
managers. More importantly, they share the same passion for highly-personalized
client service that is the hallmark of The PrivateBank franchise," said Ralph B.
Mandell, Chairman, President and Chief Executive Officer of PrivateBancorp, Inc.

         "Lodestar will operate as an independent subsidiary of PrivateBancorp,
and continue to be managed by its longtime team of outstanding professionals.
Given the firms' similar client profiles, we will be able to expand our
offerings and asset management capacity in the wealth management arena
immediately upon closing," added Mandell.

         "We are delighted to be aligning our future with PrivateBancorp, whom
we consider to be the premier provider of private banking and wealth management
services in the Midwest. By doing so, we will significantly increase the
platform from which we operate, enhancing our ability to serve our clients
effectively. We especially look forward to bringing our personalized brand of
high quality investment management to PrivateBancorp's clients," said William A.
Goldstein, President of Lodestar.

         Terms of the transaction were not disclosed. The consideration payable
by the Company will be a mix of cash and stock to be determined at closing.
Based on the closing price of the Company's stock on September 4, 2002, it is
currently anticipated that the Company would have approximately 200,000
additional shares outstanding following completion of the acquisition and
related transactions. The shares to be issued will not be registered in the
transaction and will be restricted following the closing. Subject to regulatory
approval, the acquisition is expected to close in the fourth quarter of this
year. The transaction is not expected to have a material impact on earnings per
share in 2003.



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About PrivateBancorp, Inc.
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         PrivateBancorp, Inc. was organized in 1989 to provide highly
personalized financial services primarily to affluent individuals,
professionals, owners of closely-held businesses and commercial real estate
investors. The Company operates two banking subsidiaries, The PrivateBank and
Trust Company and The PrivateBank (St. Louis). The Company, which had assets of
$1.3 billion as of June 30, 2002, currently has banking offices in Chicago,
Wilmette, Oak Brook, St. Charles, Lake Forest, Winnetka, and Geneva, Illinois,
and in St. Louis, Missouri.

About Lodestar Investment Counsel, Inc.
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         Lodestar Investment Counsel, Inc. was founded in 1989 to provide
personalized, discretionary asset management services to individuals, retirement
accounts and charitable interests with investable assets in excess of
$1,000,000. The firm, which is headquartered in Chicago, had $467 million in
assets under management at June 30, 2002. The firm's website is www.ldstr.com

         Additional information can be found in the Investor Relations section
of PrivateBancorp, Inc.'s website at www.privatebk.com

         Forward-Looking Statements: Statements contained in this news release
that are not historical facts may constitute forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.
The Company's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors which could cause actual results or
developments to differ from those predicted include, but are not limited to,
unanticipated difficulties or delays in completing the Lodestar acquisition and
related transactions, changes in the contemplated mix of cash and stock
consideration payable by the Company in the series of related transactions,
adverse developments in Lodestar's client investment portfolios or accounts
under management, competition, and unanticipated legal, regulatory, tax or
accounting changes. These risks and uncertainties should be considered in
evaluating forward-looking statements and undue reliance should not be placed on
such statements. The Company assumes no obligation to update publicly any of
these statements in light of future events.

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