Acquisition Adds 10 locations to Illinois Network, Extends Reach into Southwest Suburbs

CHICAGO, July 2 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (Nasdaq: PVTB) today announced its wholly owned subsidiary, The PrivateBank & Trust Company, has acquired all of the deposits and certain assets of Founders Bank from the Federal Deposit Insurance Corporation (FDIC), which was appointed receiver of the institution.

'We want to assure all Founders Bank customers that their deposits are safe and available, and remain insured under FDIC protections*,' said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. 'We are committed to upholding the traditions of community and customer service that were so much a part of Founders Bank, and we look forward to delivering our highly personalized brand of banking to these clients.'

Due to the Independence Day holiday, branches previously owned and operated by Founders Bank will re-open on Monday, July 6, 2009, under The PrivateBank name with normal branch hours. In the interim, customers will continue to have access to their funds through ATMs, checks and debit cards.

Customers who have questions about the transaction can call the FDIC Call Center toll-free at 1.800.823.5680. The phone number is operational this evening until 9:00 p.m. Central Time; on Friday and Saturday from 9:00 a.m. to 6:00 p.m. Central Time; on Sunday from noon to 6:00 p.m. Central Time and, thereafter, from 8:00 a.m. to 8:00 p.m. Central Time. Information is also available from the FDIC's website at www.fdic.gov.

'The most important message to customers and the communities is that it is business as usual come Monday morning when we reopen the branches,' Richman noted. 'After a period of transition during which we will consolidate our operating systems, both the former Founders Bank clients as well as existing clients of The PrivateBank will have access to our network of 18 locations throughout the metropolitan Chicago area as well as the full breadth of services The PrivateBank provides to individuals, families and businesses.'

PrivateBancorp was selected to complete this transaction through a competitive bidding process. Founders Bank had approximately $828 million in deposits and $608 million in loans at March 31, 2009. PrivateBancorp agreed to assume all of the deposits and will purchase approximately $906 million in assets at a discount of $54.5 million.