CHICAGO, Dec. 13 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. today announced that on December 7, 2007, in connection with and pursuant to its previously announced Transformation Equity Award Program, six of its recently hired managing directors received inducement equity awards. The announcement was made to comply with the rules of the NASDAQ Global Select Market on which the Company's stock is traded.
The Transformation Equity Award Program was established by the Company's Board of Directors for making inducement stock option and performance share awards to attract such hires and promote achievement of exceptional performance. The recently hired managing directors received an aggregate of 91,250 time-vested stock options and 91,250 performance-vested stock options, each with an exercise price of $33.15, the closing price for the common stock on December 7, 2007, and 61,000 performance shares. As was the case with the earlier awards under the Transformation Equity Award Program, approximately half of the performance-based awards vest upon achievement of a 20% compound annual growth rate in the Company's stock price above the previously established baseline of $27.91 over a five-year period ending December 31, 2012, and the other half of the awards vest at a rate of between 50% and 100% depending upon achievement of earnings per share growth hurdles of 15% to 20% above the previously-established baseline of $1.65 over the same five-year period. The time-vested options vest over the five-year period as well.
About PrivateBancorp, Inc.
PrivateBancorp, Inc., through its PrivateBank subsidiaries, provides distinctive, highly personalized, premium financial services to a growing array of successful entrepreneurial small to middle market public and privately held businesses, affluent individuals, wealthy families, professionals, entrepreneurs and real estate investors. The PrivateBank uses a European tradition of "private banking" as a model to develop lifetime relationships with its clients. Through a team of highly qualified managing directors, The PrivateBank delivers a sophisticated suite of tailored credit, treasury and wealth management solutions to meet its client's personal and commercial financial needs. The Company, which had assets of $4.5 billion as of September 30, 2007, has 18 offices located in the Atlanta, Chicago, Detroit, Milwaukee, St. Louis, and Kansas City metropolitan areas.
Additional information can be found in the Investor Relations section of PrivateBancorp, Inc.'s website at http://www.pvtb.com/.
