EXHIBIT 15.0



                    ACKNOWLEDGEMENT OF INDEPENDENT AUDITORS


The Board of Directors and Audit Committee
PrivateBancorp, Inc.


         We are aware of the incorporation by reference in the following
documents of our report dated May 7, 2004 relating to the unaudited consolidated
interim financial statements of PrivateBancorp that are included in its Form
10-Q for the quarter ended March 31, 2004:


         o        Registration Statement (Form S-8 No. 333-104807) pertaining to
                  the PrivateBancorp, Inc. Incentive Compensation Plan and the
                  PrivateBancorp, Inc. Deferred Compensation Plan

         o        Registration Statement (Form S-8 No. 333-43830) pertaining to
                  the PrivateBancorp, Inc. Amended and Restated Stock Incentive
                  Plan and the PrivateBancorp, Inc. Savings and Retirement Plan
                  (formerly known as The PrivateBank and Trust Company Savings
                  and Retirement Plan)

         o        Registration Statement (Form S-8 No. 333-88289) pertaining to
                  the PrivateBancorp, Inc. Amended and Restated Stock Incentive
                  Plan

                                                          /s/ Ernst & Young LLP

Chicago, Illinois
May 7, 2004