CHICAGO, April 2 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. announced today that Ralph B. Mandell will retire as Chairman of the Board of Directors, effective when his current term expires at the 2011 annual meeting of shareholders. Upon his retirement, he will be named Founder and Chairman Emeritus.
"As founder of this Company, I remain committed to our shareholders, our clients and our employees," Mandell said. "I believe this is the right time to begin the process of transitioning Board leadership. I look forward to continuing to work with the Board and with management in the future success of our Company."
Mandell co-founded PrivateBancorp in 1989 and led its growth from a start-up through its initial public stock offering in 1999 to a Company with over $6 billion in assets in 2007 when he gave day-to-day oversight to current President and Chief Executive Officer Larry Richman.
"It was a great honor when Ralph entrusted me with the leadership of this Company and I am grateful for the counsel he provides me as well as for his continued active involvement in serving our clients and our communities," Richman said. "We will continue to look to him for his perspectives as we move forward with the ongoing execution of our strategic agenda."
James M. Guyette, who serves as lead director for PrivateBancorp, added, "I have known Ralph for many years, and, with his vision and under his leadership, we have built this Company into a leading Midwestern banking institution. On behalf of the Board, we thank Ralph for all he has done for this Company, and we look forward to a smooth transition over the next year."
A successor chairman has not been named. About PrivateBancorp, Inc.
PrivateBancorp, Inc. is a growing diversified financial services company with 34 offices in 10 states and $12.1 billion in assets as of December 31, 2009. Through its subsidiaries, PrivateBancorp delivers customized business and personal financial services to middle-market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and wealthy families. Additional information can be found in the Investor Relations section of PrivateBancorp, Inc.'s website at http://www.theprivatebank.com/.
PrivateBancorp, Inc.
CONTACT: Amy Yuhn, Director of Communications of PrivateBancorp, Inc.,
+1-312-564-1378, ayuhn@theprivatebank.com
Web Site: http://www.theprivatebank.com/
