Chicago private bank moves into Michigan

FWR Staff

18 April 2005

PrivateBancorp reaches Detroit-area communities through Bloomfield Hills acquisition. PrivateBancorp has agreed to buy Bloomfield Hills Bancorp in a $64 million cash deal. Chicago-based PrivateBancorp says the acquisition of the Michigan wealth management holding company is in keeping with its strategy of extending its outreach to selected urban-area markets in the Midwest.

Bloomfield Hills, Mich.-based PrivateBancorp controls the Private Bank, its one and only subsidiary. The Private Bank offers private banking, mortgage banking wealth management services through offices in the Detroit-area communities Bloomfield Hills, Grosse Pointe and Rochester.

Publicly traded PrivateBancorp operates the PrivateBank and Trust Company and the PrivateBank Mortgage Company, formerly Corley Financial. The PrivateBank and Trust Company has a controlling interest in Lodestar Investment Counsel, a Chicago-based investment advisory. PrivateBancorp, which had assets of around $2.5 billion at the end of 2004, has eight offices in Illinois, including two in Chicago, and offices in St. Louis, Mo., and Milwaukee.

ï¿½Our entry into the Detroit as well as the expansion of our unique brand of private banking into select Midwestern metropolitan markets," says Mandell. ï¿½FWR