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Privatebancorp, Inc (PVTB) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

Privatebancorp, Inc

CIK: 889936 Ticker: PVTB
Exhibit 99.1
(PRIVATEBANCORP LOGO)
For further information:
Media Contact:

Amy Yuhn
Director of Communications
312-564-1378
ayuhn@theprivatebank.com
Investor Relations Contact:
Dennis Klaeser
Chief Financial Officer
312-564-1700
dklaeser@pvtb.com
For Immediate Release
PrivateBancorp Reports Fourth Quarter and Year-End 2008 Results
Significant Charges Taken in Residential Development Portfolio;
Strategic Growth Plan Continues to Generate Positive Results
  The Company reported net charge-offs of $108.8 million in the fourth quarter after a proactive loan review to address credit quality concerns, particularly in the residential development sector. None of the losses reported were from loans originated as part of the Strategic Growth Plan.
 
  Net loss was $62.0 million for the fourth quarter 2008 and $91.5 million for the 12 months ended December 31, 2008.
 
  The Company’s continued well-capitalized position will be bolstered by preliminary approval for $244 million in TARP capital, which will support further execution of the Strategic Growth Plan.
 
  The Strategic Growth Plan resulted in substantial new client growth that generated a 9 percent increase in revenue over third quarter 2008 and an 84 percent increase in revenue year over year.
 
  Client deposits grew $1.0 billion or 20 percent from the third quarter 2008 including significant increases in new business DDA accounts.
 
  Loans increased in the fourth quarter by $595.7 million or 8 percent over the third quarter as the Company continued a pattern of selective client development.

 


The following information was filed by Privatebancorp, Inc (PVTB) on Monday, January 26, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Definitive Proxy Statement (Form DEF 14A)
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SEC Filing Tools
Ticker: PVTB
CIK: 889936
Form Type: 10-K Annual Report
Accession Number: 0000950137-09-001458
Submitted to the SEC: Mon Mar 02 2009 5:09:34 PM EST
Accepted by the SEC: Mon Mar 02 2009
Period: Wednesday, December 31, 2008
Industry: State Commercial Banks

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