PrivateBancorp, Inc. Raises $217 Million in New Capital

CHICAGO, May 19 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (Nasdaq: PVTB)
today announced it has closed its previously announced underwritten public
offering of 11.6 million shares of newly issued common stock at a public
offering price of $19.25 per share. The Company also announced that the
underwriters partially exercised their over-allotment option and have
purchased an additional 266,673 shares of newly issued common stock. The
Company had granted the underwriters an over-allotment option to purchase an
additional 1.74 million shares.

The net proceeds from the offering, including the partial exercise of the
over-allotment option, were approximately $217 million after deducting
underwriting commissions but before offering expenses. The net proceeds from
the offering qualify as tangible common equity and Tier 1 capital and will be
used for working capital and general corporate purposes.

J.P. Morgan Securities Inc. acted as the sole book-running manager. Robert W.
Baird & Co. Incorporated, William Blair & Company, L.L.C., Keefe, Bruyette &
Woods, Inc. and SunTrust Robinson Humphrey, Inc. were co-managers.

The shares were issued pursuant to a prospectus supplement to the prospectus
filed as a part of the Company's effective shelf-registration statement on
Form S-3 (File No. 333-150767). This press release shall not constitute an
offer to sell or the solicitation of an offer to buy these securities nor
shall there be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. Copies of a
prospectus with respect to this offering may be obtained from J.P. Morgan
Securities Inc., 4 Chase Metrotech Center, CS Level, Brooklyn, NY 11245,
Attention: Prospectus Department, 718-242-8002.

About PrivateBancorp, Inc.
PrivateBancorp, Inc. is a growing diversified financial services company with
23 offices in nine states and $10.4 billion in assets as of March 31, 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
wealthy families.

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 continued 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; unforeseen difficulties relating to the mergers and
integrations of subsidiary banks; further deterioration in asset quality; any
additional charges related to asset impairments; 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.

SOURCE PrivateBancorp, Inc.

Amy Yuhn, Director of Communications of PrivateBancorp, Inc., +1-312-564-1378,
ayuhn@theprivatebank.com