PrivateBancorp, which moved into its LaSalle Street headquarters in January of this year, said in a statement that the new branch is aimed at providing clients with more convenient access to services.

Back in June PrivateBancorp was in the news for its recruitment of a new managing director and head of private banking from JP Morgan Chase. Kristine Garrett was previously national banking practice leader responsible for private wealth sales management of credit and deposit products at the Wall Street giant.

Ms Garrett’s appointment followed that of Daniel Pehrson as chief executive of PrivateBancorp’s Michigan region. He replaced Patrick McQueen who remains at the firm in an advisory capacity.

PrivateBancorp currently operates out of 34 offices across 10 states, and has over $12.1 billion in assets as at end-September.