PrivateBancorp Inc. Chief Executive Larry Richman saw his total compensation for 2010 rise to $2.68 million from $883,991, as the Chicago-based bank turned profitable recently but still logged another money-losing year.
The boost in payout was largely due to almost $1.2 million in stock awards and a $588,750 bonus paid by the $ 12.5 billion-asset lender to the former LaSalle Bank executive who was recruited in late 2007 to lead a ramp-up in business. The bank experienced growing pains but has begun to turn a profit.
In the fourth quarter, PrivateBancorp, which still hasn’t repaid the money it borrowed under the U.S. Treasury Department’s Troubled Asset Relief Program, earned $8.5 million, or 12 cents a share, compared to a net loss of $18.6 million, or 30 cents a share, for the fourth quarter 2009.
For the full year, PrivateBancorp lost $12.1 million, or .17 cents a share, compared to a net loss of $42.5 million, or 95 share, in 2009.
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