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-PrivateBancorp Buys Back USD 243.8m of TARP Shares.

BANKING AND CREDIT NEWS-October 25, 2012--PrivateBancorp Buys Back USD 243.8m of TARP Shares(C)2012 M2 COMMUNICATIONS http://www.m2.com

25 October 2012 -- Chicago, USA-based PrivateBancorp, Inc. (NASDAQ: PVTB) said it has completed the repurchase of all preferred stock that it issued to the U.S. Department of Treasury under its Troubled Asset Relief Program Capital Purchase Program at a price of USD 243.8m plus USD 2.3m in accrued and unpaid dividends, USD 813,000 of which will be expensed in the fourth quarter 2012.

The repurchase will result in a one-time, non-cash after-tax charge of approximately USD 2.23m in the fourth quarter of 2012, related to unaccreted discount recorded at the date of issuance.

PrivateBancorp said it used net proceeds from its USD 75m underwritten public offering of its common stock and net proceeds from its USD 125m underwritten public offering of its 7.125 % subordinated debentures due 2042, together with existing cash resources, to repurchase the TARP preferred stock.

The company said it also intends to seek to repurchase the common stock warrant that it issued to the U.S. Treasury as part of its participation in the Capital Purchase Program.

Giving effect to the equity and debt offerings and the TARP redemption, PrivateBancorp's pro forma Tier 1 common capital ratio as of September 30, 2012 is 8.70%, its pro forma Tier 1 risk-based capital ratio is 10.77 % and its pro forma total risk-based capital ratio is 13.49 % .

The company website is www.theprivatebank.com.

1 USD = 0.626495 GBP

((Comments on this story may be sent to info@m2.com)).END.PUB430>PDOctober 25, 2012>JNBANKING AND CREDIT NEWS.PRICEDATENOT APPLICABLE.DAY

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Publication:M2 Banking & Credit News (BCN)
Date:Oct 25, 2012
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