EXHIBIT 99.1
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                                                        FOR FURTHER INFORMATION:
                                                                Ralph B. Mandell
                                                            PrivateBancorp, Inc.
                                                                    312-683-7100

For Immediate Release


                     PRIVATEBANCORP CFO GARY SVEC ANNOUNCES
                             PLANS TO LEAVE COMPANY

         Chicago, January 27, 2003 - PrivateBancorp, Inc. (Nasdaq: PVTB) today
announced that Gary L. Svec, its chief financial officer, has indicated his
intention to leave the Company to pursue career opportunities in the
professional investment field.

         Ralph B. Mandell, the Company's Chairman, President and Chief Executive
Officer, said "Gary has done an excellent job for PrivateBancorp and has been a
valued member of our management team. We are disappointed to see him leave, but
we understand Gary's desire to refocus his career in the investment arena and we
wish him the best in that pursuit."

          "While my decision to leave is a difficult one, I have reached the
conclusion that my strongest career interests are in the securities business. I
believe that I am leaving the company in excellent financial condition and well
poised for continued strong growth and profitability," said Svec.

         "Gary has agreed to stay with us to complete year-end financial
reporting and to assist in transitioning his responsibilities. Based on our
growth to date, and expected future growth, we have initiated a search for both
a chief financial officer and an investment officer," Mandell said.

         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 PrivateBank and Trust Company
subsidiary has a controlling interest in a Chicago-based investment advisor,
Lodestar Investment Counsel, Inc. The Company, which had assets of $1.5 billion
at December 31, 2002, currently has banking offices in Chicago, Wilmette, Oak
Brook, St. Charles, Lake Forest, Winnetka, and Geneva, Illinois, and in St.
Louis, Missouri.

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, and
Section 27A of the Securities Act of 1933, as amended. The Company's ability to
predict results or the actual effect of future plans or strategies is inherently
uncertain. Factors which could have a material adverse effect on the operations
and future prospects of the Company include, but are not limited to, further
declines in market rates of interest and fluctuations in loan and deposit
pricing, greater than anticipated deterioration in asset quality due to a
prolonged economic downturn in the greater Chicago and St. Louis metropolitan
areas or nationally, or other unanticipated circumstances, legislative or
regulatory changes, adverse developments in the Company's loan or investment
portfolios, competition and the possible dilutive effect of potential
acquisitions or expansion. 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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