March 22 at 10:12 a.m.
Filed under:
Banking,
Chicago executives
By Becky Yerak
Jim Tyree in 2009. (Brian Cassella/Chicago Tribune)
Mesirow Financial colleagues, a U.S. Senator, a governor and neighborhood folks from the South Side were among those who jammed into Old St. Patrick’s Church Monday night to attend a funeral Mass for James Tyree, the financier and Sun-Times owner who died last week at age 53.
The first of three eulogies was given by Richard Price, a longtime Mesirow executive who has replaced Tyree as chairman and chief executive of the Chicago-based financial services firm.
Price, whose voice wavered on at least a couple of occasions, said his business partner had a “desire to be hands-on,” noting that 55 of Mesirow’s 1,200 workers reported directly to him. The two executives were tight, even vacationing together with their families. Get the full story »
By Reuters
PrivateBancorp Inc.’s quarterly profit beat analysts’ estimates as its loan loss provisions halved and the lender expects to reduce its exposure to toxic commercial real estate loans this year.
The bank’s shares rose as much as 7 percent, to a high of $16.09, Tuesday morning on the Nasdaq. They pared some of the gains to close up 1.2 percent, at $15.19, at nearly three times the usual volume. Get the full story »
Dec. 23, 2010 at 11:02 a.m.
Filed under:
Banking,
Investing,
Stock activity
By Becky Yerak
Shares of PrivateBancorp Inc. are down 3.9 percent Thursday morning after a BMO Capital Markets report downgraded it to “market perform” from “outperform.”
The “market perform” designation means that it’s now forecast to perform about in line with the market. Get the full story »
Dec. 6, 2010 at 11:59 a.m.
Filed under:
Banking,
Chicago executives,
Personnel moves
By Becky Yerak
Chicago-based PrivateBancorp Inc. named Thomas Doherty as its managing director and head of business banking, making a key hire in its community banking unit. Get the full story »
Oct. 26, 2010 at 7:43 a.m.
Filed under:
Banking,
Earnings
By Mary Ellen Podmolik
PrivateBancorp, Inc., said it returned to profitability in the third quarter as a result of new loan growth. The Chicago-based bank on Tuesday reported net income of $4.5 million, or 6 cents a share for the third quarter, compared with a net loss of $31.2 million, or 68 cents a share, in the year-ago period. Get the full story »
Oct. 25, 2010 at 4:42 p.m.
Filed under:
Banking,
Investing,
Litigation
By Becky Yerak
PrivateBancorp Inc., which hired dozens of former LaSalle Bank lenders in hopes of becoming the Chicago area’s top middle-market business financier, has been hit with a shareholder lawsuit saying it routinely sacrificed loan quality for quantity as it aggressively ramped up growth.
The suit, which seeks class-action status, was brought by the City of New Orleans Employees’ Retirement System. It’s represented by New York law firm Bernstein Litowitz Berger & Grossmann LLP. Get the full story »
Sep. 16, 2010 at 12:57 p.m.
Filed under:
Banking
By Becky Yerak
Four banks with a meaningful Chicago presence made a list of the 20 best- and 20 worst-performing Midwest bank stocks.
The 20 best-performing Midwest bank stocks year to date include Chicago-based PrivateBancorp Inc. and Cincinnati-based Fifth Third Bancorp, according to a report released Thursday by Oppenheimer & Co. Fifth Third ranks eighth in deposit market share in the Chicago area.
Get the full story »
July 27, 2010 at 11:47 a.m.
Filed under:
Banking,
Earnings
By Becky Yerak
PrivateBancorp Inc. stock is up 12.6 percent, to $11.94 a share, in mid-day trading as the Chicago-based parent of PrivateBank posted a narrower-than-expected second-quarter loss and sounded slightly more positive about the economy than one of its rivals did last week.
“The economy is growing but the recovery will be slow and uneven,” Chief Executive Larry Richman said in an earnings conference call. But “I do believe the real estate portion of the economy remains very slow and weak.” Get the full story »
