PrivateBancorp, Inc. Announces Closing of $200 Million Private Placement Offering

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rivateBancorp, Inc. (NASDAQ:PVTB) today announced that it has completed its previously announced private placement offering of 5,581,680 shares of common stock, and 1,428.074 shares of a newly created class of Series A Junior Nonvoting Preferred Stock (the "Series A Stock"), which are convertible into 1,428,074 common shares. The aggregate number of common and preferred shares issued represents 23.5% of the Company's common stock outstanding after the offering (assuming conversion of the Series A Stock).

All of the securities sold in the private placement were priced at the equivalent of $28.71 per common share, the official Nasdaq Consolidated Closing Bid Price of PrivateBancorp, Inc.'s common stock as of Friday, November 23, 2007. All securities sold in the transaction are subject to a two-year lock-up agreement, subject to certain exceptions.

Certain funds managed by GTCR Golder Rauner, LLC ("GTCR") acquired approximately 2.06 million shares of common stock for approximately $59 million and 1,428.074 shares of Series A Stock for $41 million, representing an aggregate of approximately 7.2% of the Company's shares of outstanding common stock before conversion of the Series A Stock, and 11.7% after giving effect to the conversion. Mesirow Financial, through its affiliated entities, also purchased $40 million of common stock in the offering, representing approximately 4.9% of the Company's outstanding common stock. The remaining $60 million was purchased by a number of institutional and individual accredited investors. The Company will use the proceeds from the sale of the shares for working capital and general corporate purposes, including to support its growth initiatives.

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.