History
Founded in 1989, PrivateBancorp opened for business as The PrivateBank in a vintage building at 10 N. Dearborn Street in early 1991. Known for organic growth and our distinctive approach to private banking, PrivateBancorp, under the leadership of co-founder and current executive chairman Ralph B. Mandell, expanded rapidly, growing both in the Chicago market and as well as other thriving geographies.
Our founders realized many high-net worth families and individuals wanted something more from their financial institution. These clients–entrepreneurs, business owners and executives, real estate investors and wealthy families–value continuity and strong personal relationships with their bankers. The company recruited seasoned professionals who were –and are today–committed to knowing each client and delivering exceptionally personalized service.
To access new capital sources and provide liquidity to shareholders, we went public on July 1, 1999 and trade on the NASDAQ Stock Exchange under the ticker symbol “PVTB.”
Between 1999 and 2007, our company made a number of investments to continue our consistent pattern of growth including key acquisitions that expanded our geographic footprint and service offering, as well as a number of de novo offices.
Since 2007
PrivateBancorp named Larry D. Richman President and Chief Executive Officer in November 2007 and between late 2007 and 2008 added more than 100 Managing Directors to serve our clients, deliver our products and services and support our growth objectives.
We also focused the company on five lines of business—Illinois Commercial and Specialty Banking, National Commercial Banking, Commercial Real Estate, PrivateClients Group and PrivateWealth Group—which allows us to best serve our clients, provide a compelling workplace for our employees and generate sustainable organic growth.
