PrivateBancorp Speeds Growth After Buying Failed Bank
July 23, 2009
By MoneyAisle
An article in Bloomberg reports that after acquiring Founders Bank, PrivateBancorp is well on its way to realizing its goal of expanding its commercial customer base and increasing the number of branches it has in the suburbs of Chicago.
“As the fourth-largest Illinois-based bank, PrivateBancorp previously had three branches in downtown Chicago and six in the Northeast part of the state. Founders adds 11 offices, mostly in Chicago’s Southwest suburbs, and bolsters PrivateBancorp’s deposits by 11 percent.”
PrivateBancorp purchased $617 in assets through a loss-sharing deal it has with regulators, as well as $271.4 million in assets.