8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 23, 2005

PRIVATEBANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

____________________________

Delaware	000-25887	36-3681151
(State or other jurisdiction of incorporation)	(Commission file number)	(I.R.S. employer identification no.)
Ten North Dearborn Chicago, Illinois		60602 (Zip Code)
(Address of principal executive offices)

Registrant’s telephone number, including area code: (312) 683-7100

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):

[ ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01.Other Events.

On August 23, 2005, The PrivateBank - Michigan, a unit of PrivateBancorp, Inc., announced that the Bank has elected five new members to its Board of Directors, expanding the Bank’s board to eleven members.

Attached as Exhibit 99.1 is a copy of the press release relating to the Bank’s announcement of the elections, which is incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

            Date: August 23, 2005   PRIVATEBANCORP, INC.           By:/s/ Ralph B. Mandell   Ralph B. Mandell   Chairman of the Board and Chief   Executive Officer  

INDEX TO EXHIBITS 

Exhibit
99.1	Press Release dated August 23, 2005

EX-99.1

For further information contact:

David T. Provost

Chairman and CEO

The PrivateBank - Michigan

248-644-2301

For Immediate Release

The PrivateBank - Michigan Elects

Five New Members to its Board of Directors

Bloomfield Hills, MI August 23, 2005 --- The PrivateBank - Michigan, a unit of PrivateBancorp, Inc. (NASDAQ-PVTB), announced that the Bank has elected five new members to its Board of Directors, expanding the Bank’s board to 11 members.

Elected were: Max A. Berlin, President and CEO, MeasureComp LLC, Oak Park, MI, a leading floor covering computerized measurement company; Donald A. Coleman, Chairman and CEO, GlobalHue, Southfield, MI, the largest minority owned full service marketing communications agency specializing in ethnic and multicultural marketing; Ralph B. Mandell, Chairman and CEO, PrivateBancorp, Inc.; Albert C. Papa, Chairman and CEO, Cambridge Financial Services, Inc., Troy, MI, a firm specializing in employee benefits, estate planning and business continuation planning; and, Pamela E. Rodgers, a General Motors franchisee and owner of Rodgers Chevrolet, Woodhaven, MI.

“We are delighted that these outstanding individuals have joined our Board. They bring business acumen, market knowledge and independent thinking to our organization which will be very beneficial as we continue to grow and serve clients through our unique model of private banking”, said David T. Provost, Chairman of the Board and CEO, The PrivateBank - Michigan.

 The five new Board members join six current members: Robert Burch, Vice Chairman, The PrivateBank - Michigan; Patrick M. McQueen, President and COO, The Private Bank - Michigan; Robert H. Naftaly, a long time business and civic leader who currently serves on Michigan’s State Tax Commission; David T. Provost; Chairman and CEO, The PrivateBank - Michigan; Thomas L. Schellenberg, President, Schellenberg & Associates, Birmingham, MI, a tax and business consulting firm; and, Gary H. Torgow, Founder, Chairman and CEO of the Sterling Group, a Detroit-based real estate development, investment and management company.

The PrivateBank - Michigan, formerly The Private Bank, was acquired as part of PrivateBancorp, Inc.’s acquisition of Bloomfield Hills Bancorp, Inc. on June 20, 2005.

PrivateBancorp, Inc. was organized in 1989 to provide highly personalized financial services primarily to affluent individuals, professionals, owners of closely-held businesses and commercial real estate investors. The Company uses a European tradition of “private banking” as a model to develop lifetime relationships with its clients. Utilizing a team of highly qualified managing directors, The PrivateBank tailors products and services to meet each client’s needs in personal and commercial banking services and wealth management services. The Company, which had assets of $3.2 billion as of June 30, 2005, currently has banking offices in downtown Chicago, Chicago’s Gold Coast, Wilmette, Oak Brook, St. Charles, Lake Forest, Winnetka, and Geneva, Illinois; in Bloomfield Hills, Rochester and Grosse Pointe, Michigan; in St. Louis, Missouri; and in Milwaukee, Wisconsin.

 Additional information can be found in the Investor Relations section of PrivateBancorp, Inc.’s website at http://www.pvtb.com.