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

                   KLAESER TO JOIN PRIVATEBANCORP, INC. AS CFO

         March 24, 2003 - Chicago, IL - Dennis Klaeser, 45, was named chief
financial officer at PrivateBancorp, Inc. (Nasdaq: PVTB) and CFO and managing
director of The PrivateBank and Trust Company, a wholly-owned subsidiary,
effective April 7, 2003. He was a senior research analyst with Robert W. Baird &
Co., covering large- and mid-capitalization Midwestern banks. Klaeser succeeds
Gary L. Svec, who resigned effective March 7, 2003 to pursue other
opportunities, as previously announced.

         "We are very pleased to have someone of Dennis' caliber join our team.
His extensive experience as a research analyst and as a financial advisor
dealing with corporate finance issues and merger and acquisition activities for
Midwestern financial services companies makes him an ideal fit given our stated
strategic objectives," said Ralph B. Mandell, Chairman, President and CEO of
PrivateBancorp, Inc. "Dennis served as managing director for the investment
banking firm that led our initial public offering. During that time we developed
a close working relationship and Dennis became intimately familiar with
PrivateBancorp's strategy," said Mandell.

         Klaeser began his career in 1982 with the U.S. League of Savings
Institutions, eventually progressing to become vice president and director of
business planning and finance for the League's Institute of Financial Education
subsidiary. After a short stint at Sears Savings Bank, he moved into investment
banking, joining Everen Securities in 1994. In 1997, he was named group head and
managing director of Everen's Financial Institutions Group, responsible for
business development, management of the investment banking team, and execution
of capital raising and M&A advisory assignments for banks and specialty finance
companies. Klaeser became managing director of the bank group at First Union
Securities following First Union's acquisition of Everen in 1999. In 2000, he
joined Andersen Corporate Finance as managing director and head of the US
Financial Institutions Group responsible for origination and execution of M&A
assignments. In mid-2002, he was named senior research analyst at Robert W.
Baird & Co.

         A liberal arts graduate of Lawrence University, Appleton, Wisconsin,
Klaeser holds three graduate degrees: an MBA in finance and management policy
from the Kellogg Graduate School of Management at Northwestern University and
Masters of Arts degrees in public policy and social service administration from
the University of Chicago.





         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.privatebankandtrust.com

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