EXHIBIT 99.3

For further information:

Media Contact:

Amy Yuhn

Director of Communications

312-564-1378

ayuhn@theprivatebank.com

For Immediate Release

PrivateBancorp Declares Quarterly Cash Dividend

CHICAGO, May 29, 2009 -- PrivateBancorp, Inc. (NASDAQ: PVTB) announced today its board of directors declared a quarterly cash dividend of $0.01 per share for the second quarter 2009 payable on June 30, 2009, to stockholders of record on June 16, 2009. This dividend is unchanged from the prior quarterly dividend of $0.01 per share.