Patrick McQueen Named Chairman and Chief Executive Officer, The PrivateBank - Michigan
Published In: Business, Illinois, Michigan 
Thursday, March 6, 2008 7:30 AM
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CHICAGO, March 6 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc.
(Nasdaq: PVTB) today announced that Patrick M. McQueen, 61, has been appointed
Chairman and Chief Executive Officer of The PrivateBank - Michigan, effective
March 7, 2008, replacing David T. Provost, who resigned. McQueen previously
served as President and Chief Operating Officer of The PrivateBank - Michigan.

"We are pleased to welcome Pat McQueen as the new CEO of The PrivateBank -
Michigan. Pat's accomplishments at the Bank coupled with his combination of
leadership and experience will allow The PrivateBank - Michigan to continue to
grow while maintaining our commitment to high quality, consistent client
service. I look forward to working with Pat and our growing Michigan team to
deliver The PrivateBank's unique, client focused model of relationship banking
for the benefit of our clients and the greater metropolitan Detroit
community," said Larry D. Richman, President and Chief Executive Officer,
PrivateBancorp, Inc.

"I am honored to be named Chairman and CEO of The PrivateBank - Michigan.
I am looking forward to working with Larry, PrivateBancorp Chairman Ralph
Mandell and the entire management team to grow The Private Bank - Michigan,"
said McQueen.

McQueen joined The PrivateBank - Michigan in 1999. Prior to joining the
Bank, McQueen served six years as Commissioner of the Michigan Financial
Institutions Bureau and also served as acting Commissioner of the Michigan
Insurance Bureau. Before his leadership role in state government, McQueen
served over 23 years at Manufacturer's National Bank, now Comerica. He holds
an MBA from Michigan State University, a BBA from the University of
Michigan - Dearborn, as well as certification from the University of
Virginia's Graduate School of Banking.

The Company also announced that David Provost, former Chairman and Chief
Executive Officer, The Private Bank - Michigan, has resigned from the Bank
effective March 7, 2008 to pursue other interests.

"David has been a valued member of our leadership team since our
acquisition of Bloomfield Hills Bancorp in 2005. We regret David's departure,
but respect his decision and wish him the best in his future endeavors. We
anticipate a seamless transition, given Pat's proven leadership capabilities
and deep relationships with The PrivateBank - Michigan's bankers and clients,"
said Ralph B. Mandell, Chairman of PrivateBancorp, Inc.


About PrivateBancorp, Inc.

PrivateBancorp, Inc., through its PrivateBank subsidiaries, provides
distinctive, highly personalized, premium financial services to a growing
array of successful entrepreneurial and middle market privately held and
public businesses, affluent individuals, wealthy families, professionals,
entrepreneurs and real estate investors. The PrivateBank uses a European
tradition of "private banking" as a model to develop lifetime relationships
with its clients. Through a team of highly qualified managing directors, The
PrivateBank delivers a sophisticated suite of tailored credit, treasury and
wealth management solutions to meet its client's personal and commercial
financial needs. The Company, which had assets of $5.0 billion as of
December 31, 2007, has 20 offices located in the Atlanta, Chicago, Cleveland,
Detroit, Milwaukee, Minneapolis, St. Louis, and Kansas City metropolitan
areas.

Additional information can be found in the Investor Relations section of
PrivateBancorp, Inc.'s website at http://www.pvtb.com.


Forward-Looking Statements: 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. The
Company's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors which could have a material
adverse effect on the operations and future prospects of the Company include,
but are not limited to, fluctuations in market rates of interest and loan and
deposit pricing in the Company's market areas, the effect of continued margin
pressure on the Company's earnings, further deterioration in asset quality,
insufficient liquidity/funding sources or the inability to obtain on terms
acceptable to the Company the funding necessary to fund its loan growth,
legislative or regulatory changes, adverse developments in the Company's loan
or investment portfolios, slower than anticipated growth of the Company's
business or unanticipated business declines, failure to get regulatory
approval for a de novo federal savings bank in Kansas City or a limited
purpose trust-only federal savings bank, competition, unforeseen difficulties
in integrating new hires, failure to improve operating efficiencies through
expense controls, and the possible dilutive effect of potential acquisitions,
expansion or future capital raises. These risks and uncertainties should be
considered in evaluating forward-looking statements and undue reliance should
not be placed on such statements. The Company assumes no obligation to update
publicly any of these statements in light of future events unless required
under the federal securities laws.


SOURCE PrivateBancorp, Inc.


 
Thursday, March 6, 2008 7:30 AM

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