PrivateBancorp, Inc. Raises $194 Million in New Capital

CHICAGO, Nov. 2 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (Nasdaq: PVTB)
today announced it has closed its recently announced underwritten public
offering of common stock, which included the full exercise of the
underwriters' overallotment option, and issued a total of 22.2 million shares
for net proceeds of $181.2 million to the Company after deducting underwriting
commissions. Of that amount, approximately $35.3 million was purchased by
certain funds managed by GTCR Golder Rauner II, L.L.C.

In addition, GTCR has purchased approximately $12.8 million of non-voting
common stock of the Company, or 1.6 million shares, through an exercise of
preemptive rights (based on the aggregate public offering amount less the
amount purchased by GTCR in the public offering).

The shares of common stock in the public offering 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). The
net proceeds from the offering, as well as from the sale of non-voting common
stock, will qualify as tangible common equity and Tier 1 capital and will be
used to further capitalize the Company's banks in order to support continued
growth and for working capital and other general corporate purposes, including
possible FDIC-assisted acquisition transactions subject to satisfying
eligibility requirements to participate in such transactions. In addition, as
a result of these transactions, the Company is now eligible to request that
the U.S. Department of the Treasury reduce the number of shares of common
stock issuable upon exercise of the warrant held by the U.S. Treasury by 50
percent to 645,013 shares.

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

About PrivateBancorp, Inc.
PrivateBancorp, Inc. is a growing diversified financial services company with
34 offices in 10 states and approximately $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 its markets.

Forward-Looking Statements
Statements contained in this 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 that could affect the Company's expectations concerning
the offering, including without limitation the application of the net proceeds
from the offering and the sale of non-voting common stock, or which could have
a material adverse effect on the operations and future prospects of the
Company include, but are not limited to, continued deterioration of general
economic and business conditions, including the real estate and financial
markets, in the U.S. and in the Company's markets; further deterioration in
asset quality, including transactions extended directly for commercial real
estate property investment, and to investors in real estate projects;
difficult commercial real estate market conditions and collateral values and
absorption of projects available for lease remaining soft; the effect of
continuing weak economic conditions on industry segments, in addition to
commercial real estate, causing an increase in under-performing and
non-performing loans; changes in legal or regulatory requirements or the
results of regulatory examinations that could adversely impact the Company's
business and financial condition or restrict growth, including its ability to
pursue FDIC-assisted transactions; additional adverse developments in its loan
or investment portfolios; any need to continue to further increase the
Company's allowance for loan losses; unforeseen difficulties, higher than
expected costs and the inability to manage operational risks associated with
the continued execution of the Company's Strategic Growth Plan; and the risks
and other factors disclosed in the Company's public filings with the
Securities and Exchange Commission. 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, +1-312-564-1378,
ayuhn@theprivatebank.com; or Katie Manzel, Investor Relations Officer,
+1-312-564-6818, kmanzel@theprivatebank.com, both of PrivateBancorp, Inc.