EXHIBIT 99.1
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                                                 For further information contact
                                                            PrivateBancorp, Inc.
                                                          Donald Roubitchek, CFO
                                                                    312-683-7126
                                                                George M. Morvis
                                                    Financial Shares Corporation
                                                                    630-734-8116


FOR IMMEDIATE RELEASE

                 PRIVATEBANCORP TO ACQUIRE JOHNSON BANK ILLINOIS
                 -----------------------------------------------

     Chicago, IL, October 4, 1999, PrivateBancorp, Inc. (Nasdaq: PVTB) announced
today the signing of a definitive agreement to acquire Johnson Bank Illinois, a
unit of Johnson International, Racine, WI.

     Johnson Bank Illinois, with locations on Chicago's North Shore in Lake
Forest and Winnetka, has assets of $112 million as of September 30, 1999.
Following the acquisition, PrivateBancorp, with assets of approximately $458
million as of September 30, 1999, will operate six offices of The PrivateBank
and Trust Company, including a new office expected to open during the fourth
quarter in St. Charles, Illinois. The acquisition of Johnson Bank Illinois is
expected to be completed, pending regulatory approval, at or near year end,
1999.

     The purchase price of $20 million is payable using $15 million in cash and
$5 million in subordinated notes. The cash portion will be funded out of the
remaining proceeds of PrivateBancorp's recent initial public offering and from
borrowings under new credit facilities. The transaction is expected to be
slightly accretive to PrivateBancorp's 2000 earnings. In addition,
PrivateBancorp expects to benefit from significant revenue growth opportunities
by expanding into these affluent markets of the greater Chicago area.





     Ralph B. Mandell, Chairman and CEO of PrivateBancorp, said, "This
acquisition makes great sense to us for three primary reasons. First, the
economics are right. Second, it is culturally a terrific fit. Third, it
underscores our stated growth strategy and enables us, with our current Wilmette
office, to have an established presence in three of the North Shore's key
markets. It also takes us into Lake County and offers us an opportunity to reach
into nearby McHenry County to pursue our target of higher-net-worth individuals
and their business interests."

     Dick Hansen, President and CEO of Johnson International, said "Not only
will this be a perfect cultural fit for these individual markets, but we believe
this will be advantageous for our employees and customers."

     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 through its bank
subsidiary, The PrivateBank and Trust Company. The company, which completed an
initial public offering of shares June 30, 1999, is listed on the Nasdaq
National Market under the symbol PVTB. The company currently operates offices in
Chicago, Oak Brook, and Wilmette, Illinois, and expects to open an office in St.
Charles, Illinois, in late 1999.

                                       #

                           Forward-Looking Information
                           ---------------------------

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) which involve significant risks and
uncertainties. Actual results may differ materially from the results discussed
in these forward-looking statements. Factors which might cause such a difference
include, but are not limited to, inability to realize cost savings in the
acquired operations to the full extent expected or within the expected time
frame; lower than expected revenues following the acquisition; significant
increase in competition, unforeseen difficulties or delays in the pending
acquisition or in the opening of the St. Charles office; fluctuations in market
rates of interest and loan and deposit pricing; a deterioration of general
economic conditions in the greater Chicago metropolitan area; legislative or
regulatory changes, adverse developments in the company's loan or investment
portfolios; and the effectiveness of the company and its key vendors in testing
and implementing Year 2000 compliant hardware, software and systems.