EXHIBIT 99.1



             REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


The Board of Directors and Audit Committee
PrivateBancorp, Inc.


We have reviewed the accompanying consolidated balance sheet of PrivateBancorp,
Inc. as of June 30, 2004, and the related consolidated statements of income,
changes in stockholders' equity and cash flows for the three and six month
periods ended June 30, 2004 and 2003. These financial statements are the
responsibility of the Company's management.

We conducted our reviews in accordance with standards of the Public Company
Accounting Oversight Board (United States). 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 U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public
Company Accounting Oversight Board (United States), the consolidated balance
sheet of PrivateBancorp, Inc. as of December 31, 2003, and the related
consolidated statements of income, changes in shareholders' equity and cash
flows for the year then ended not presented herein, and in our report dated
January 16, 2004, we expressed an unqualified opinion on those consolidated
financial statements. In our opinion, the information set forth in the
accompanying consolidated balance sheet as of December 31, 2003, is fairly
stated, in all material respects, in relation to the consolidated balance sheet
from which it has been derived.



                                            /s/ Ernst & Young LLP


Chicago, Illinois
August 6, 2004