EXHIBIT 99.1



                     INDEPENDENT ACCOUNTANTS' REVIEW REPORT


The Board of Directors and Audit Committee
PrivateBancorp, Inc.


We have reviewed the accompanying consolidated balance sheet of PrivateBancorp,
Inc. as of June 30, 2003, and the related consolidated statements of income,
changes in stockholders' equity and cash flows for the three and six month
periods ended June 30, 2003. These financial statements are the responsibility
of the Company's management.

We conducted our review in accordance with standards established by the American
Institute of Certified Public Accountants. A review of interim financial
information consists principally of applying analytical procedures to financial
data, and making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with auditing standards generally accepted in the United States, which will be
performed for the full year with the objective of expressing an opinion
regarding the financial statements taken as a whole. Accordingly, we do not
express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying consolidated financial statements at June 30, 2003,
and for the three and six month periods then ended, for them to be in conformity
with accounting principles generally accepted in the United States.


                                                           /s/ Ernst & Young LLP


Chicago, Illinois
August 13, 2003


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