Exhibit 15.0



                     ACKNOWLEDGEMENT OF INDEPENDENT AUDITORS



The Board of Directors
PrivateBancorp, Inc.


         We are aware of the incorporation by reference in the following
Registration Statements of our report dated November 14, 2002 relating to our
review of the unaudited consolidated interim financial statements of
PrivateBancorp, Inc. as of and for the three and nine month periods ended
September 30, 2002 that is included in its Form 10-Q for the quarter ended
September 30, 2002:


         o        Registration Statement (Form S-8 No. 333-43830) pertaining to
                  the PrivateBancorp, Inc. Amended and Restated Stock Incentive
                  Plan and the PrivateBancorp, Inc. Savings and Retirement Plan
                  (formerly known as The PrivateBank and Trust Company Savings
                  and Retirement Plan)

         o        Registration Statement (Form S-8 No. 333-88289) pertaining to
                  the PrivateBancorp, Inc. Amended and Restated Stock Incentive
                  Plan


                                             /s/ Ernst & Young LLP

Chicago, Illinois
November 14, 2002