Exhibit 99.1

Exhibit 99.1

For further information:

Media Contact:
Amy Yuhn
Director of Communications
312-564-1378
ayuhn@theprivatebank.com

Investor Relations Contact:
Katie Manzel
Investor Relations Officer
312-564-6818
kmanzel@theprivatebank.com

For Immediate Release

PrivateBancorp Reports Third Quarter 2009 Results

Higher provision reflects increased weakness in commercial real estate portfolio

CHICAGO, October 26, 2009 — PrivateBancorp, Inc. (NASDAQ: PVTB) today reported a net loss of $31.2 million, or $0.68 per diluted share, for the third quarter ended September 30, 2009, compared with a net loss of $7.8 million, or $0.25 per diluted share, for the third quarter 2008. For the nine months ended September 30, 2009, the net loss was $23.9 million, or $0.62 per diluted share, compared to a net loss of $30.7 million, or $1.07 per diluted share, for the prior year period.

“Despite the earnings setback this quarter, we are meeting many of the goals of our Strategic Growth Plan and, most importantly, we remain well-positioned to seize market opportunities that drive long-term shareholder value,” said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. “The ongoing weakness in the economy continues to impact our loan portfolio, and we are taking steps to address these credit quality issues. At the same time, we have not lost sight of our fundamental belief in serving our clients and our communities, and you can see evidence of those successes in our deposit and loan growth, which continue to drive our core performance.”

Notable items in the third quarter included:

•

Provision for loan losses was $90.0 million and net charge-offs were $37.3 million, resulting in an increased allowance for loan losses of $192.8 million or 2.14 percent of total loans.

•

Net revenue grew 6 percent over the second quarter to $101.2 million, including $11.5 million from the Founders Bank transaction, from $95.8 million and net interest margin grew 10 basis points to 3.09 percent.

•

Client deposits grew 21 percent from the second quarter, including $793.9 million from the Founders Bank transaction and $759.6 million of organic growth; while loans grew 3 percent, reflecting selectivity and market conditions.

•

Total risk-based capital ratio was 13.44 percent, Tier 1 capital ratio was 11.04 percent and tangible common equity ratio was 6.00 percent.

Credit Quality (Excluding Covered Assets)

During the quarter, credit quality continued the negative trend from prior periods reflecting the challenging economy. Defaulted loans increased, causing a significant rise in the Company’s non-performing loans. The Company had $396.6 million in total non-performing assets at September 30, 2009, compared to $106.5 million at September 30, 2008, and $212.8 million at June 30, 2009. The third quarter increase in non-performing assets included $37 million from Shared National Credits. Non-performing assets to total assets were 3.28 percent at September 30, 2009 (non-performing assets to total assets excluding covered assets were 3.43 percent), compared to 1.18 percent at September 30, 2008, and 1.94 percent at June 30, 2009.

As a result of the credit quality deterioration in the quarter, the Company took additional steps to review loan exposures in targeted areas of its credit portfolio, concentrating primarily on the commercial real estate sector and loans originated prior to November 2007. The targeted review of loans assessed loan performance, underlying project characteristics and the strength of sponsor support, and it provided the Company greater insight into existing and emerging credit issues to proactively mitigate credit risk in future quarters.

Based on the credit quality deterioration in the quarter and in light of the results of the credit portfolio review, the Company increased the allowance for loan losses. The third quarter 2009 provision for loan losses was $90.0 million, compared to $30.2 million in the third quarter 2008 and $21.5 million in the second quarter 2009. The allowance for loan losses as a percentage of total loans increased to 2.14 percent at September 30, 2009, compared with 1.37 percent at September 30, 2008, and 1.60 percent at June 30, 2009. Charge-offs were $40.1 million for the quarter ended September 30, 2009, offset by recoveries of $2.8 million, and $12.6 million for the quarter ended June 30, 2009, offset by recoveries of $4.1 million.

The increase in provision expense and elevated levels of non-performing loans reflects ongoing deterioration primarily in the Company’s commercial real estate portfolio but also across select industry sectors. The increased level of loan loss coverage reflects growth in non-performing assets and recognition of lower underlying collateral values. During the quarter, deterioration of the commercial real estate portfolio followed trends in the sector, including elevated commercial vacancy rates, sponsor bankruptcies and downward pressure on real estate values. The weak state of the economy continues to put pressure on other business sectors represented in our portfolio, but not to the degree seen in commercial real estate.

The Company expects increasing levels of non-performing assets for the next several quarters. The trends in the credit portfolio will remain weak due to the under-performing commercial real estate sector and the generally soft economic environment. Specifically, fourth quarter growth in non-performing assets is expected to be meaningful, though at a rate less than the increase between the end of the second and third quarters.

“Covered assets” refers to certain assets acquired as a result of the Founders Bank transaction.

Update on Founders Bank Transaction

On July 2, 2009, the Company, through its subsidiary, The PrivateBank and Trust Company, acquired all non-brokered deposits and certain assets of the former Founders Bank, which are reflected in the Company’s consolidated financial statements as of September 30, 2009. The transaction is contributing to the overall execution of the Strategic Growth Plan according to management’s expectations. The client retention has been strong since the transaction, with total deposits growing 3 percent to $793.9 million as of September 30, 2009. In conjunction with the FDIC Loss Sharing Agreement on the Founders transaction, the acquired loans and foreclosed loan collateral, including the fair value of expected FDIC reimbursements, is presented in our Consolidated Statement of Condition as “Covered Assets.” In accordance with business combination accounting rules, these loans were recorded at fair value without a related allowance for loan losses.

Balance Sheet

Total assets increased to $12.1 billion at September 30, 2009, from $9.0 billion at September 30, 2008, and $11.0 billion at June 30, 2009. Assets attributable to Founders totaled $836.5 million at September 30, 2009. Total loans increased to $9.0 billion at September 30, 2009, from $7.4 billion at September 30, 2008, and $8.7 billion at June 30, 2009. The $300 million in loan growth during the quarter reflected the Company’s selective approach to credit generation and prevailing market conditions. Commercial loans were 51 percent of the Company’s total loans at the end of the third quarter 2009, compared with 46 percent of total loans at September 30, 2008, and 53 percent of total loans at June 30, 2009. Commercial real estate loans were 29 percent of total loans at the end of the third quarter 2009, compared to 33 percent of total loans at the end of the third quarter 2008 and up from 28 percent at the end of the second quarter 2009.

Total deposits were $9.6 billion at September 30, 2009, compared to $7.4 billion at September 30, 2008, and $8.3 billion at June 30, 2009. Deposits attributable to Founders totaled $793.9 million at September 30, 2009. Client deposits increased to $8.9 billion at September 30, 2009, from $5.0 billion at September 30, 2008, and $7.4 billion at June 30, 2009. Client deposits at September 30, 2009, include $981.7 million in client CDARS^® deposits. Brokered deposits (excluding client CDARS) were 7 percent of total deposits in the third quarter 2009, a decrease from 33 percent of total deposits as of September 30, 2008, and down from 11 percent in the second quarter 2009. The significant decrease in brokered deposits year-over-year reflects success in executing an important element of the Strategic Growth Plan, namely relying on less-expensive client deposits to fund loan growth.

Funds borrowed, which include federal funds purchased, FHLB advances, trust preferred securities, borrowings under the Company’s credit facilities, and convertible senior notes, was $1.3 billion at September 30, 2009, up from $836.3 million at September 30, 2008, and down from $1.5 billion at June 30, 2009. Funds borrowed attributable to Founders was $25.4 million at September 30, 2009, and consisted of FHLB advances.

The Company’s investment securities portfolio was $1.7 billion at September 30, 2009, compared to $918.3 million at September 30, 2008 and $1.5 billion at June 30, 2009. The investment securities portfolio attributable to Founders was $150.5 million at September 30, 2009. Net unrealized gains were $61.5 million, compared to $2.8 million at the end of the third quarter 2008, and $38.7 million at the end of the second quarter 2009. The Company’s securities portfolio is primarily composed of U.S. government agency backed mortgage pools, agency collateralized mortgage obligations, and investment grade municipal bonds.

Net Revenue Growth

Net revenue grew to $101.2 million in the third quarter 2009, including $11.5 million attributable to Founders, from $65.2 million in the third quarter 2008, and $95.8 million in the second quarter 2009. Net interest income improved to $87.4 million, including $9.8 million attributable to Founders, in the third quarter 2009, up from $52.6 million for the third quarter 2008, and from $74.1 million in the second quarter 2009. Net interest margin (on a tax equivalent basis) was 3.09 percent for the third quarter 2009, compared to 2.70 percent for the third quarter 2008, and 2.99 percent in the second quarter 2009. Founders contributed 16 basis points to the improvement in net interest margin over the second quarter 2009. This helped offset the cost associated with carrying increased non-accruing loans, which diluted the net interest margin by 6 basis points.

Non-interest income was $12.9 million in the third quarter 2009, compared to $11.7 million in the third quarter 2008, and $20.7 million in the second quarter 2009. The decrease in non-interest income during the third quarter was primarily due to $7.1 million in net securities gains in the second quarter 2009 largely from the sale of treasury securities. Founders contributed $1.6 million to non-interest income in the third quarter 2009. Treasury management income was $3.1 million in the third quarter 2009, compared to $600,000 in the third quarter 2008, and $2.1 million in the second quarter 2009. Capital markets activities for the third quarter 2009 resulted in a negative revenue position of $322,000 compared to revenue of $3.9 million in the third quarter 2008, and $3.8 million in the second quarter 2009. Capital markets revenue was significantly impacted by a $2.4 million negative credit valuation adjustment, slow loan growth and client expectations that the interest rate environment will remain stable in the near-to-medium term.

Mortgage banking income was $1.8 million in the third quarter 2009, compared to $776,000 for the third quarter 2008, and $2.7 million in the second quarter 2009. Banking and other services income was $4.1 million in the third quarter 2009, compared to $1.7 million in the third quarter 2008, and $2.1 million in the second quarter 2009, primarily due to the addition of Founders service charges as well as increased loan and letter of credit fees.

The PrivateWealth Group’s fee revenue was $4.1 million in the third quarter 2009, flat to the third quarter 2008, and up from $3.5 million in the second quarter 2009. The PrivateWealth Group’s assets under management at September 30, 2009 increased to $4.0 billion, of which $455.6 million was attributable to Founders, compared with $3.4 billion at September 30, 2008, and $3.2 billion at June 30, 2009.

Expenses

Non-interest expense was $56.8 million in the third quarter, of which $8.7 million relates to ongoing and defined transaction integration costs from Founders. This compares to $47.1 million in the third quarter 2008 and $64.0 million in the second quarter 2009. Expenses decreased by $7.2 million from the second quarter 2009 primarily due to the reduction in salaries and benefits as a result of the $9.8 million reversal of incentive compensation accruals, reduction in incentive compensation expenses in the third quarter, and the absence of the FDIC special assessment. Offsetting these decreases was the increase in foreclosed property expense related to credit deterioration and an increase in salaries and benefits as well as professional fees related primarily to the Founders transaction.

The efficiency ratio was 56.2 percent in the third quarter 2009 compared to 72.2 percent in the third quarter 2008 and 66.8 percent in the second quarter 2009.

Capital

As of September 30, 2009, the Company had a total risk-based capital ratio at 13.44 percent and Tier 1 risk-based capital ratio at 11.04 percent, exceeding the well-capitalized thresholds of 10 percent and 6 percent, respectively.

The Company’s tangible common equity ratio at September 30, 2009, was 6.00 percent

Quarterly Conference Call and Webcast Presentation

Interested parties are invited to listen to our quarterly conference call on Monday, October, 26, 2009, at 7 a.m. CDT. The call may be accessed by telephone at (888) 782-9127 (U.S. and Canada) or (706) 634-5643 (International). A live webcast of the call can be accessed on our website at www.theprivatebank.com by visiting the Investor Relations tab under the About Us section. A rebroadcast of the call will be available beginning approximately two hours after the call until midnight on November 2, 2009, by calling (800) 642-1687 (U.S. and Canada) or (706) 645-9291 (International) and entering passcode #32241557.

About PrivateBancorp, Inc.

PrivateBancorp, Inc. is a growing diversified financial services company with 34 offices in 10 states and $12.1 billion in assets as of September 30, 2009. Through its subsidiaries, PrivateBancorp delivers customized business and personal financial services to middle-market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve. Our website is www.theprivatebank.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 and future prospects of the Company include, but are not limited to, unforeseen difficulties and higher than expected costs associated with the continued implementation of our Strategic Growth Plan and our recent growth; any need to continue to increase our allowance for loan losses; unforeseen difficulties in integrating new hires; inability to retain top management personnel; insufficient liquidity or funding sources or the inability to obtain on terms acceptable to the Company the funding necessary to fund its loan growth; the failure to obtain on terms acceptable to us, or at all, the capital necessary to maintain our regulatory capital ratios above the “well-capitalized” threshold; slower than anticipated growth of the Company’s business or unanticipated business declines, including as a result of continuing negative economic conditions; fluctuations in market rates of interest and loan and deposit pricing in the Company’s market areas; the effect of margin pressure on the Company’s earnings; legislative or regulatory changes, particularly changes in the regulation of financial services companies and/or the products and services offered by financial services companies and regulation of banks participating in the TARP Capital Purchase Program; the regulatory examination environment and trends in regulatory enforcement actions; unforeseen difficulties relating to the mergers and integrations of subsidiary banks; unforeseen difficulties relating to the acquisition and integration of businesses acquired in purchase and assumption transactions; further deterioration in asset quality; any additional charges related to asset impairments including deferred tax asset valuation allowances; adverse developments in the Company’s loan or investment portfolios; failure to improve operating efficiencies through expense controls; competition; 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.

Editor’s Note: Financial highlights attached.

PrivateBancorp, Inc.
Consolidated Income Statements
(Amounts in thousands except per share data)
(Unaudited)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2009			2008			2009			2008
Interest Income
Loans, including fees	$	107,749		$	99,408		$	296,690		$	259,734
Federal funds sold and other short-term investments		323			217			772			657
Securities:
Taxable		14,799			8,161			42,991			17,903
Exempt from Federal income taxes		1,797			2,027			5,435			6,452

Total interest income		124,668			109,813			345,888			284,746

Interest Expense
Interest-bearing deposits		932			383			1,798			1,230
Savings deposits and money market accounts		8,013			12,785			20,613			37,301
Brokered and other time deposits		18,170			33,598			65,376			89,911
Short-term borrowings		1,649			3,511			6,481			9,371
Long-term debt		8,469			6,957			26,198			15,685

Total interest expense		37,233			57,234			120,466			153,498

Net interest income		87,435			52,579			225,422			131,248
Provision for loan losses		90,016			30,173			129,342			70,329

Net Interest (Expense) Income after provision for loan losses		(2,581	)		22,406			96,080			60,919


Non-interest Income
The PrivateWealth Group		4,084			4,059			11,378			12,828
Mortgage banking		1,826			776			6,687			3,536
Capital markets products		(322	)		3,932			14,741			6,282
Treasury management		3,067			600			6,782			1,283
Bank owned life insurance		444			439			1,286			1,308
Banking and other services		4,093			1,728			9,741			3,156
Net securities (losses) gains		(309	)		180			7,530			1,280
Early extinguishment of debt		—			—			(985	)		—

Total non-interest income		12,883			11,714			57,160			29,673


Non-interest Expense
Salaries and employee benefits		23,212			28,895			92,633			88,459
Net occupancy expense		7,004			4,364			19,131			12,555
Technology and related costs		2,565			1,791			7,096			4,291
Marketing		2,500			2,095			6,275			7,644
Professional fees		5,759			2,802			10,765			9,240
Investment manager expenses		581			829			1,746			2,609
Net foreclosed property expenses		2,454			458			3,865			1,612
Supplies and printing		295			352			1,029			1,166
Postage, telephone, and delivery		803			575			2,205			1,663
Insurance		4,603			2,460			17,592			5,067
Amortization of intangibles		547			241			1,201			897
Other expenses		6,512			2,223			15,349			6,019

Total non-interest expense		56,835			47,085			178,887			141,222

Loss before income taxes		(46,533	)		(12,965	)		(25,647	)		(50,630	)
Income tax benefit		(18,789	)		(5,430	)		(11,008	)		(20,574	)

Net loss		(27,744	)		(7,535	)		(14,639	)		(30,056	)
Net income attributable to noncontrolling interests		66			86			183			256

Net loss attributable to controlling interests		(27,810	)		(7,621	)		(14,822	)		(30,312	)
Preferred stock dividends and discount accretion		3,385			146			9,054			400

Net loss available to common stockholders		($31,195	)		($7,767	)		($23,876	)		($30,712	)


Net Earnings per Common Share Data
Basic	$	(0.68	)	$	(0.25	)	$	(0.62	)	$	(1.07	)
Diluted	$	(0.68	)	$	(0.25	)	$	(0.62	)	$	(1.07	)
Dividends	$	0.010		$	0.075		$	0.030		$	0.225
Weighted Average Common Shares Outstanding		46,047			31,634			38,756			28,822
Diluted Average Common Shares Outstanding		46,047			31,634			38,756			28,822

Note 1: Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.

Note 2: For the three and nine months ended September 30, 2008 and 2009 diluted shares are equal to basic shares due to the net loss. The calculation of diluted earnings per share results in anti-dilution.

PrivateBancorp, Inc.
Quarterly Consolidated Income Statements
(Amounts in thousands except per share data)
(Unaudited)


	3Q09			2Q09			1Q09		4Q08			3Q08
Interest Income
Loans, including fees	$	107,749		$	95,997		$	92,944	$	107,370		$	99,408
Federal funds sold and other short-term investments		323			161			288		488			217
Securities:
Taxable		14,799			13,646			14,546		10,754			8,161
Exempt from Federal income taxes		1,797			1,786			1,852		2,025			2,027

Total interest income		124,668			111,590			109,630		120,637			109,813

Interest Expense
Interest-bearing deposits		932			467			399		285			383
Savings deposits and money market accounts		8,013			6,036			6,564		11,579			12,785
Brokered and other time deposits		18,170			20,322			26,884		36,405			33,598
Short-term borrowings		1,649			1,844			2,988		3,416			3,511
Long-term debt		8,469			8,814			8,915		9,805			6,957

Total interest expense		37,233			37,483			45,750		61,490			57,234

Net interest income		87,435			74,107			63,880		59,147			52,579
Provision for loan losses		90,016			21,521			17,805		119,250			30,173

Net Interest (Expense) Income after provision for loan losses		(2,581	)		52,586			46,075		(60,103	)		22,406


Non-interest Income
The PrivateWealth Group		4,084			3,500			3,794		4,140			4,059
Mortgage banking		1,826			2,686			2,175		622			776
Capital markets products		(322	)		3,830			11,233		4,767			3,932
Treasury management		3,067			2,110			1,605		1,086			600
Bank owned life insurance		444			453			389		501			439
Banking and other services		4,093			2,054			3,594		1,297			1,728
Net securities (losses) gains		(309	)		7,067			772		(770	)		180
Early extinguishment of debt		—			(985	)		—		—			—

Total non-interest income		12,883			20,715			23,562		11,643			11,714


Non-interest Expense
Salaries and employee benefits		23,212			34,300			35,121		28,219			28,895
Net occupancy expense		7,004			6,067			6,060		4,543			4,364
Technology and related costs		2,565			1,967			2,564		2,019			1,791
Marketing		2,500			1,933			1,842		2,781			2,095
Professional fees		5,759			2,492			2,514		4,714			2,802
Investment manager expenses		581			556			609		690			829
Net foreclosed property expenses		2,454			967			444		4,605			458
Supplies and printing		295			392			342		461			352
Postage, telephone, and delivery		803			821			581		563			575
Insurance		4,603			9,157			3,832		2,341			2,460
Amortization of intangibles		547			325			329		267			241
Other expenses		6,512			5,018			3,819		3,700			2,223

Total non-interest expense		56,835			63,995			58,057		54,903			47,085

(Loss) income before income taxes		(46,533	)		9,306			11,580		(103,363	)		(12,965	)
Income tax (benefit) provision		(18,789	)		3,372			4,409		(40,783	)		(5,430	)

Net (loss) income		(27,744	)		5,934			7,171		(62,580	)		(7,535	)
Net income attributable to noncontrolling interests		66			57			60		53			86

Net (loss) income attributable to controlling interests		(27,810	)		5,877			7,111		(62,633	)		(7,621	)
Preferred stock dividends and discount accretion		3,385			3,399			2,270		146			146

Net (loss) income available to common stockholders		($31,195	)	$	2,478		$	4,841		($62,779	)		($7,767	)


Net Earnings per Common Share Data
Basic	$	(0.68	)	$	0.06		$	0.15	$	(1.98	)	$	(0.25	)
Diluted	$	(0.68	)	$	0.06		$	0.14	$	(1.98	)	$	(0.25	)
Dividends	$	0.01		$	0.01		$	0.01	$	0.075		$	0.075
Weighted Average Common Shares Outstanding		46,047			38,015			32,030		31,733			31,634
Diluted Average Common Shares Outstanding		46,047			39,795			34,304		31,733			31,634

Note 1: Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.

Note 2: For the third and fourth quarter 2008 and the third quarter 2009 diluted shares are equal to basic shares due to the net loss. The calculation of diluted earnings per share during those periods results in anti-dilution.

PrivateBancorp, Inc.
Consolidated Balance Sheets
(dollars in thousands)


	09/30/09			06/30/09			03/31/09			12/31/08			09/30/08
	unaudited			unaudited			unaudited			unaudited			unaudited
Assets
Cash and due from banks	$	199,703		$	99,088		$	96,712		$	131,848		$	76,314
Fed funds sold and other short-term investments		332,188			393,953			83,626			98,387			363,991
Loans held for sale		19,000			23,825			11,298			17,082			6,736
Securities available-for-sale, at fair value		1,648,313			1,443,648			1,385,244			1,425,564			899,301
Non-marketable equity investments		30,681			28,586			28,035			27,213			18,958
Loans, net of unearned fees		9,028,456			8,728,926			8,483,641			8,036,807			7,441,137
Allowance for loan losses		(192,791	)		(140,088	)		(127,011	)		(112,672	)		(102,223	)

Loans, net of allowance for loan losses and unearned fees		8,835,665			8,588,838			8,356,630			7,924,135			7,338,914

Covered assets		530,059			—			—			—			—
Other real estate owned		36,705			29,236			28,703			23,823			18,465
Premises, furniture, and equipment, net		32,870			33,162			33,179			34,201			29,650
Accrued interest receivable		35,862			30,867			30,627			34,282			32,466
Investment in bank owned life insurance		47,225			46,780			46,327			45,938			45,438
Goodwill		94,683			95,045			95,045			95,045			95,045
Derivative assets		83,784			64,111			91,785			74,570			10,976
Other assets		155,846			112,211			88,503			108,449			74,988

Total assets	$	12,082,584		$	10,989,350		$	10,375,714		$	10,040,537		$	9,011,242


Liabilities
Demand deposits:
Non-interest bearing	$	1,565,492		$	1,243,453		$	954,311		$	711,693		$	601,653
Interest bearing		589,298			535,374			428,529			232,099			164,318
Savings deposits and money market accounts		4,057,382			3,129,384			3,021,268			2,798,882			2,407,641
Brokered deposits (1)		1,606,823			1,943,065			1,740,960			2,654,768			2,749,735
Other time deposits		1,741,783			1,426,874			1,671,520			1,599,014			1,526,601

Total deposits		9,560,778			8,278,150			7,816,588			7,996,456			7,449,948
Short-term borrowings		690,352			892,706			834,466			654,765			312,490
Long-term debt		618,173			606,793			710,793			618,793			523,792
Accrued interest payable		12,051			18,809			23,775			37,623			32,121
Derivative liabilities		85,097			63,034			89,482			76,068			11,788
Other liabilities		47,614			50,480			34,382			51,266			40,372

Total liabilities		11,014,065			9,909,972			9,509,486			9,434,971			8,370,511


Stockholders’ Equity
Preferred stock		237,145			236,808			294,546			58,070			58,070
Common stock		46,593			46,548			32,543			32,468			32,147
Treasury stock		(18,427	)		(18,223	)		(17,338	)		(17,285	)		(15,626	)
Additional paid-in-capital		767,579			761,068			495,811			482,347			476,172
Retained earnings		(2,748	)		28,896			26,875			22,365			87,753
Accumulated other comprehensive income, net		38,161			24,131			33,698			27,568			1,927

Controlling interest stockholders’ equity		1,068,303			1,079,228			866,135			605,533			640,443

Noncontrolling interests		216			150			93			33			288

Total stockholders’ equity		1,068,519			1,079,378			866,228			605,566			640,731

Total liabilities and stockholders’ equity	$	12,082,584		$	10,989,350		$	10,375,714		$	10,040,537		$	9,011,242


(1)		Computed as the sum of traditional brokered deposits, client CDARs and non-client CDARs. Client CDARs for the third quarter 2008 through the third quarter 2009 were $306.2 million, $679.0 million, $865.7 million, $1.0 billion, and $981.7 million and are included in client deposits.

PrivateBancorp, Inc.
Selected Financial Data
Unaudited
(amounts in thousands except per share data)


	3Q09			2Q09			1Q09			4Q08			3Q08
Selected Statement of Income Data:
Net interest income	$	87,435		$	74,107		$	63,880		$	59,147		$	52,579
Net revenue ⁽¹⁾	$	101,155		$	95,821		$	88,288		$	71,707		$	65,211
(Loss) income before taxes		($46,533	)	$	9,306		$	11,580			($103,363	)		($12,965	)
Net (loss) income available to common stockholders		($31,195	)	$	2,478		$	4,841			($62,779	)		($7,767	)

Per Common Share Data:
Basic earnings per share		($0.68	)	$	0.06		$	0.15			($1.98	)		($0.25	)
Diluted earnings per share⁽²⁾		($0.68	)	$	0.06		$	0.14			($1.98	)		($0.25	)
Dividends	$	0.01		$	0.01		$	0.01		$	0.075		$	0.075
Book value (period end) ⁽³⁾	$	17.48		$	17.74		$	16.96		$	16.31		$	17.34
Tangible book value (period end) ⁽⁴⁾	$	15.09		$	15.62		$	13.96		$	13.28		$	14.33
Market value (close)	$	24.46		$	22.24		$	14.46		$	32.46		$	41.66
Book value multiple		1.40	x		1.25	x		0.85	x		1.99	x		2.40	x

Share Data:
Weighted Average Common Shares Outstanding		46,047			38,015			32,030			31,733			31,634
Diluted Average Common Shares Outstanding ⁽²⁾		46,047			39,795			34,304			31,733			31,634
Common shares issued (at period end)		48,104			48,015			34,180			34,043			34,028
Common shares outstanding (at period end)		47,574			47,493			33,702			33,568			33,604

Performance Ratios:
Return on average assets		-0.94	%		0.23	%		0.29	%		-2.63	%		-0.37	%
Return on average common equity		-14.51	%		1.45	%		3.48	%		-45.11	%		-5.40	%
Fee revenue as a percent of total revenue ⁽⁵⁾		13.11	%		16.49	%		26.29	%		17.35	%		17.99	%
Non-interest income to average assets		0.43	%		0.80	%		0.95	%		0.49	%		0.57	%
Non-interest expense to average assets		1.91	%		2.47	%		2.34	%		2.31	%		2.28	%
Net overhead ratio ⁽⁶⁾		1.48	%		1.67	%		1.39	%		1.82	%		1.71	%
Efficiency ratio⁽⁷⁾		56.19	%		66.79	%		65.76	%		76.57	%		72.20	%

Selected Financial Condition Data:
The Private Wealth Group assets under management	$	4,008,268		$	3,171,697		$	3,164,158		$	3,261,061		$	3,354,212

Balance Sheet Ratios:
Loans to Deposits (period end)		94.43	%		105.45	%		108.53	%		100.50	%		99.88	%
Average interest-earning assets to average interest-bearing liabilities		122.93	%		120.58	%		115.10	%		112.30	%		113.29	%

Capital Ratios (period end):
Total equity to total assets		8.84	%		9.82	%		8.35	%		6.03	%		7.11	%
Total risk-based		13.44	%		14.40	%		12.63	%		10.32	%		12.08	%
Tier-1 risk-based		11.04	%		11.95	%		10.13	%		7.24	%		9.21	%
Leverage		9.94	%		11.67	%		9.79	%		7.17	%		9.29	%
Tangible common equity to tangible assets ⁽⁸⁾		6.00	%		6.81	%		4.58	%		4.49	%		5.40	%


(1)		Computed as the sum of net interest income on a tax equivalent basis and non-interest income. The quarterly tax equivalent adjustments for the third quarter 2008 through the third quarter 2009 were $918,000, $917,000, $846,000, $999,000, and $837,000, respectively.

(2)		For all the 2008 periods presented and the third quarter 2009, diluted shares are equal to basic shares due to the net loss. The calculation of diluted earnings per share results in anti-dilution for all quarters in 2008 and the third quarter 2009.

(3)		Computed as total common equity divided by outstanding shares at end of period.

(4)		Computed as total common equity less goodwill and other intangibles divided by outstanding shares at end of period. This is a non-GAAP financial measure.

(5)		Computed as non-interest income less acquisition related gains, securities gains (losses), net and early extinguishment of debt divided by the sum of net interest income and non-interest income less acquisition related gains, securities gains (losses), net and early extinguishment of debt.

(6)		Computed as non-interest expense less non-interest income divided by average total assets.

(7)		Computed as non-interest expense divided by the sum of net interest income on a tax equivalent basis and non-interest income. The quarterly tax equivalent adjustments for the third quarter 2008 through the third quarter 2009 were $918,000, $917,000, $846,000 $999,000, and $837,000, respectively.

(8)		Computed as tangible common equity divided by tangible assets, where tangible common equity equals total equity less preferred stock, goodwill and other intangible assets and tangible assets equals total assets less goodwill and other intangible assets. This is a non-GAAP financial measure.

PrivateBancorp, Inc.
Asset Quality (excluding covered assets⁽¹⁾)
Unaudited
(dollars in thousands)


	3Q09			2Q09			1Q09			4Q08			3Q08
Credit Quality Key Ratios:
Net charge-offs to average loans		1.67	%		0.39	%		0.17	%		5.49	%		0.40	%
Total non-performing loans to total loans		3.99	%		2.10	%		1.92	%		1.64	%		1.18	%
Total non-performing assets to total assets		3.28	%		1.94	%		1.85	%		1.55	%		1.18	%
Nonaccrual loans to:
total loans		3.99	%		2.10	%		1.92	%		1.64	%		1.18	%
total assets		2.98	%		1.67	%		1.57	%		1.31	%		0.98	%
Allowance for loan losses to:
total loans		2.14	%		1.60	%		1.50	%		1.40	%		1.37	%
non-performing loans		54	%		76	%		78	%		85	%		116	%
nonaccrual loans		54	%		76	%		78	%		85	%		116	%

Non-performing assets:
Loans past due 90 days and accruing	$	0		$	0		$	0		$	0		$	0
Nonaccrual loans		359,918			183,526			162,896			131,919			88,057
OREO		36,705			29,236			28,703			23,823			18,465

Total non-performing assets	$	396,623		$	212,762		$	191,599		$	155,742		$	106,522


Allowance for Loan Losses Summary
Balance at beginning of period	$	140,088		$	127,011		$	112,672		$	102,223		$	79,021
Provision		90,016			21,521			17,805			119,250			30,173
Loans charged off		(40,142	)		(12,580	)		(7,037	)		(109,459	)		(7,017	)
Recoveries		2,829			4,136			3,571			658			46

Balance at end of period	$	192,791		$	140,088		$	127,011		$	112,672		$	102,223


Net loan charge-offs (recoveries):
Commercial	$	12,005		$	891		$	4,187		$	11,010		$	1,469
Commercial Real Estate		13,096			(34	)		(250	)		45,237			2,349
Construction		5,902			(443	)		(1,242	)		47,081			2,507
Residential Real Estate		475			(88	)		(2	)		2,385			46
Home Equity		99			251			9			1,781			50
Personal		5,736			7,867			764			1,307			550

Total net loan charge-offs	$	37,313		$	8,444		$	3,466		$	108,801		$	6,971


Loans past due 30-89 days and still accruing by type:
Commercial	$	6,012		$	4,250		$	23,953		$	12,060		$	5,867
Commercial Real Estate		41,250			35,541			55,881			9,113			18,473
Construction		13,503			11,012			7,196			9,166			19,113
Residential Real Estate		1,431			2,888			5,606			3,485			3,104
Personal and Home Equity		6,964			5,705			7,804			1,580			3,400

Total	$	69,160		$	59,396		$	100,440		$	35,404		$	49,957


Loans past due 30-89 days and still accruing as a percent of total loan type:
Commercial		0.13	%		0.09	%		0.54	%		0.30	%		0.17	%
Commercial Real Estate		1.57	%		1.45	%		2.38	%		0.38	%		0.77	%
Construction		1.54	%		1.27	%		0.86	%		1.12	%		2.69	%
Residential Real Estate		0.45	%		0.90	%		1.68	%		1.06	%		0.83	%
Personal and Home Equity		1.27	%		1.11	%		1.39	%		0.30	%		0.69	%

Total		0.77	%		0.68	%		1.18	%		0.44	%		0.67	%


(1)		Covered assets represent assets acquired from the FDIC subject to a loss sharing agreement and are presented separately on the Consolidated Balance Sheets. Covered assets are included as a component of total assets in calculations above.

PrivateBancorp, Inc.
Loan Mix (excluding covered assets⁽¹⁾)
Unaudited
(dollars in thousands)


	09/30/09		06/30/09		03/31/09		12/31/08		09/30/08
Commercial and Industrial	$	3,888,744	$	3,682,155	$	3,531,439	$	3,437,130	$	2,957,507
Owner-Occupied CRE		765,489		899,315		872,656		538,688		499,964

Total Commercial Loans		4,654,233		4,581,470		4,404,095		3,975,818		3,457,471

Commercial Real Estate		2,169,209		1,954,692		1,825,805		1,980,271		2,049,047
Multi-family CRE		466,098		492,896		520,455		403,690		353,879

Total CRE Loans		2,635,307		2,447,588		2,346,260		2,383,961		2,402,926

Construction		874,970		867,660		837,952		815,150		711,606
Residential Real Estate		316,795		319,762		332,736		328,138		374,488
Home Equity		214,630		215,087		205,872		191,934		176,094
Personal ⁽²⁾		332,521		297,359		356,726		341,806		318,552

Total Loans	$	9,028,456	$	8,728,926	$	8,483,641	$	8,036,807	$	7,441,137


(1)		Covered assets represent assets acquired from the FDIC subject to a loss sharing agreement and are presented separately on the Consolidated Balance Sheets.

(2)		The personal loan category includes overdrafts.

PrivateBancorp, Inc.
Deposits
Unaudited
(dollars in thousands)


	09/30/09		06/30/09		03/31/09		12/31/08		09/30/08
Non-interest bearing deposits	$	1,565,492	$	1,243,453	$	954,311	$	711,693	$	601,653
Interest-bearing deposits		589,298		535,374		428,529		232,099		164,318
Savings deposits		135,937		19,852		16,745		15,644		17,709
Money market accounts		3,921,445		3,109,532		3,004,523		2,783,238		2,389,932
Brokered deposits:
Traditional brokered deposits		453,759		708,802		768,488		1,481,762		1,901,620
Client CDARS		981,677		1,047,082		865,656		678,958		306,185
Non-client CDARS		171,387		187,181		106,816		494,048		541,930

Total brokered deposits		1,606,823		1,943,065		1,740,960		2,654,768		2,749,735
Other time deposits		1,741,783		1,426,874		1,671,520		1,599,014		1,526,601

Total deposits	$	9,560,778	$	8,278,150	$	7,816,588	$	7,996,456	$	7,449,948


Client deposits⁽¹⁾	$	8,935,632	$	7,382,167	$	6,941,284	$	6,020,646	$	5,006,398


(1)		Client deposits are equal to total deposits less brokered deposits plus client CDARS^TM.

n/m		Not meaningful

PrivateBancorp, Inc.
Net Interest Margin
Unaudited
(dollars in thousands)


	Three Months Ended September 30,
	2009								2008⁽¹⁾
	Average								Average
	Balance			Interest		Rate			Balance			Interest		Rate
Assets:
Fed funds sold and other short-term investments	$	309,741		$	323		0.41	%	$	37,962		$	217		2.29	%
Securities:
Taxable		1,404,566			14,799		4.21	%		683,998			8,161		4.77	%
Tax exempt		166,501			2,634		6.33	%		179,105			2,950		6.58	%

Total securities		1,571,067			17,433		4.44	%		863,103			11,111		5.14	%

Loans:
Commercial, Construction & CRE		8,020,351			86,768		4.27	%		6,092,638			88,273		5.72	%
Residential		339,351			4,284		5.05	%		373,665			4,972		5.32	%
Private Client		520,330			5,128		3.91	%		474,478			6,163		5.15	%

Total loans ⁽²⁾		8,880,032			96,180		4.28	%		6,940,781			99,408		5.66	%

Covered assets		537,262			11,569		8.45	%		—			—		—

Total earning assets	$	11,298,102		$	125,505		4.39	%	$	7,841,846		$	110,736		5.58	%

Cash and due from banks		158,098								101,023
Allowance for loan losses		(144,587	)							(84,808	)
Other assets		484,703								324,960

Total assets	$	11,796,316							$	8,183,021


Liabilities and Stockholders’ Equity:
Interest-bearing demand deposits	$	583,332		$	932		0.63	%	$	154,022		$	383		0.99	%
Savings deposits		134,930			259		0.76	%		18,006			80		1.76	%
Money market accounts		3,597,643			7,754		0.86	%		2,282,822			12,705		2.21	%
Time deposits		1,740,276			8,622		1.97	%		1,537,431			13,243		3.42	%
Brokered deposits		1,826,121			9,548		2.07	%		2,092,609			20,355		3.86	%

Total interest-bearing deposits		7,882,302			27,115		1.36	%		6,084,890			46,766		3.05	%
Short term borrowings		678,840			1,649		0.95	%		387,680			3,511		3.54	%
Long term debt		629,866			8,469		5.33	%		449,284			6,957		6.06	%

Total interest-bearing liabilities		9,191,008			37,233		1.61	%		6,921,854			57,234		3.27	%

Non-interest bearing demand deposits		1,363,615								547,304
Other liabilities		151,755								84,633
Stockholders’ equity		1,089,938								629,230

Total liabilities and stockholders’ equity	$	11,796,316							$	8,183,021

Net interest spread ⁽⁴⁾							2.79	%							2.31	%
Effect of non interest-bearing funds							0.30	%							0.39	%

Net interest income/margin ^{(3) (5)}				$	88,272		3.09	%				$	53,502		2.70	%

(1)		Prior period net interest margin computations were modified to conform with the current period presentation.

(2)		Non-accrual loans are included in the average balances and the average annualized interest foregone on these loans was approximately $12.7 million for the quarter ended September 30, 2009 compared to approximately $4.5 million in the prior year quarter.

(3)		Reconciliation of the effect after tax equivalent adjustment to reported net interest income:


	Three Months Ended September 30,
	2009		2008
Net interest income	$	87,435	$	52,579
Tax equivalent adjustment		837		923

Net interest income, tax equivalent basis	$	88,272	$	53,502

(4)		Yield on average interest-earning assets less rate on average interest-bearing liabilities.

(5)		Computed as net interest income, on a tax equivalent basis, divided by average interest-earning assets.