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 March 31, 2004, and the related consolidated statements of income,
changes in stockholders' equity and cash flows for the three month period ended
March 31, 2004 and 2003. These financial statements are the responsibility of
the Company's management.

We conducted our reviews 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 reviews, we are not aware of any material modifications that should
be made to the accompanying consolidated financial statements referred to above
for them to be in conformity with accounting principles generally accepted in
the United States.


                                                           /s/ Ernst & Young LLP


Chicago, Illinois
May 7, 2004