Will Continue as Chairman and Chief Executive Officer of The PrivateBank – Wisconsin
MILWAUKEE, Dec. 20 /PRNewswire-FirstCall/ — PrivateBancorp, Inc. (NASDAQ:PVTB) , today announced that John B. “Jay” Williams, 56, Chairman and Chief Executive Officer of The PrivateBank – Wisconsin, has also been named Chief Operating Officer of PrivateBancorp, Inc., a new position. In addition, Williams has been named to the Company’s Executive Committee. Williams will retain his current responsibilities at The Private Bank – Wisconsin and continue to work out of the Company’s Milwaukee office.
“Jay has been a key member of the leadership team at PrivateBancorp, Inc., not only leading our efforts as CEO of The PrivateBank – Wisconsin and serving on the PrivateBancorp, Inc. Board, but also playing a significant role at the holding company level. This promotion recognizes Jay for these valuable contributions and formalizes his role at the holding company, while also recognizing the future importance of the Wisconsin market he leads,” said Larry D. Richman, President and CEO of PrivateBancorp, Inc.
“This is an exciting time for both PrivateBancorp and The PrivateBank – Wisconsin,” added Jay Williams, Chairman and CEO of The PrivateBank – Wisconsin and COO of PrivateBancorp, Inc. “I am honored to continue to lead The PrivateBank – Wisconsin’s team of highly qualified, client-oriented bankers as we meet our client’s financial service needs.”
Williams has been a Director of PrivateBancorp, Inc. since 2004, and was founding Managing Director and Chief Executive Officer of The PrivateBank – Wisconsin. In his new capacity as Chief Operating Officer of PrivateBancorp, Inc., Williams will oversee the Company’s operations, marketing, information technology, facilities and treasury management products functions. Prior to joining PrivateBancorp, Williams served for over 30 years in various capacities with U.S. Bank and its predecessors, Firstar and First Wisconsin, culminating in his tenure as President of U.S. Bank Wisconsin. Williams serves on the boards of the Southeast Wisconsin Professional Baseball Park District, Medical College of Wisconsin, St. Norbert College, United Way of Greater Milwaukee, YMCA of Metropolitan Milwaukee, Milwaukee Public Library Foundation and the Wisconsin Tax Payers Alliance. Williams and his family reside in Milwaukee.
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/.
Forward-Looking Statements: Statements contained in this news release that are not historical facts may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations, earnings, financial condition and future prospects of the Company include, but are not limited to: fluctuations in market rates of interest and loan and deposit pricing in the Company’s market areas; the effect of continued margin pressure on the Company’s earnings; further deterioration in asset quality and/or an increase in nonperforming loans; adverse developments in the Company’s loan or investment portfolios; a significant increase in non-interest expense, specifically compensation and benefits-related expense, due to the Company’s strategic growth initiatives, including the recent and anticipated future hiring of additional Managing Directors and other senior officers; unforeseen difficulties in integrating new hires; the Company’s ability to implement its growth strategy, including slower than anticipated growth of the Company’s business, specifically its commercial lending, or unanticipated business declines; failure to get regulatory approval for a de novo federal savings bank in Kansas City; higher than expected operational costs; competition; failure to improve operating efficiencies through expense controls; legislative or regulatory changes; and the possible dilutive effect of potential acquisitions, expansion or future capital raises. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update publicly any of these statements in light of future events unless required under the federal securities laws.
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Source: PrivateBancorp, Inc.
