EXHIBIT 99.1
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[PRIVATEBANCORP, INC. LETTERHEAD]
For Further Information Contact
Ralph B. Mandell
PrivateBancorp, Inc.
(312) 683-7100
Jay B. Williams
(262) 240-0333
FOR RELEASE 4:30 P.M. EST
PRIVATEBANCORP, INC. ANNOUNCES PLANNED EXPANSION TO MILWAUKEE
Veteran Banker Jay Williams to lead The PrivateBank- Wisconsin
Milwaukee, WI, April 21, 2004--PrivateBancorp, Inc. (Nasdaq: PVTB)
today announced its intent to expand to the southeastern Wisconsin market with
the opening of The PrivateBank- Wisconsin.
The PrivateBank will operate in Wisconsin under the leadership of
prominent Wisconsin banker Jay B. Williams, who will serve as managing director
and chief executive officer. In addition, the Company's Nominating and Corporate
Governance Committee has recommended that Williams be appointed to the board of
directors of PrivateBancorp, Inc. and The PrivateBank and Trust Company.
Ralph B. Mandell, Chairman, President and Chief Executive Officer of
PrivateBancorp, Inc. said The PrivateBank is expected to open for business at an
as of yet undisclosed downtown Milwaukee location by the end of 2004.
"We are excited about the expansion into Milwaukee because it not only
fulfills our strategic objective of pursuing selective growth opportunities in
Midwestern markets, it also meets all of our highly selective expansion
criteria," said Mandell. "There are opportunities to focus on target market
segments and gain clients who are seeking the higher level of personalized
service and broad array of banking and wealth management products that are the
hallmark of The PrivateBank's core value proposition."
"The key to success in any market requires a uniquely qualified
individual at the helm who brings banking expertise, civic involvement and
strong personal relationships," Mandell said. "This is a combination that has
been very effective in PrivateBancorp's prior expansions in St. Louis and in
suburban markets in the Chicago metropolitan area and Jay Williams brings all
these attributes combined with a high energy level."
"The PrivateBank - Wisconsin will be the standard bearer for
PrivateBancorp's unique approach to private banking in the southeastern
Wisconsin market," noted Williams. "Our clients, who will include individuals,
small to middle market businesses and their owners, commercial real estate
investors, and professionals, will benefit from a level of service and a range
of products that we believe is not currently present in the market."
Williams, who served as President of U.S. Bank Wisconsin from
2000-2003, has over 30 years of midwestern banking experience, with a strong
emphasis on middle market banking and wealth management. In addition, he has
served on numerous community boards, including United Way of Greater Milwaukee,
Wisconsin Manufacturers and Commerce, Boys and Girls Clubs of Greater Milwaukee
and YMCA of Metropolitan Milwaukee. Williams holds a bachelors degree from St.
Norbert College and a MBA from Marquette University.
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 LLC. The Company, which
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had assets of $2.1 billion at March 31, 2004, 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.privatebancorp.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 have a material adverse
effect on the operations and future prospects of the Company include, but are
not limited to, fluctuations in market rates of interest and 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, legislative or regulatory changes, adverse developments in the Company's
loan or investment portfolios, unanticipated difficulties in signing and closing
the Corley Financial transaction or unexpected difficulties in integrating or
operating the mortgage banking business, unanticipated construction delays
relating to our new office to be located in the Palmolive Building,
unanticipated delays in regulatory approvals required to open in Wisconsin,
unanticipated delays in opening the planned Milwaukee location, competition and
the possible dilutive effect of potential acquisitions, expansion or future
capital raises. 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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