CHICAGO, March 6 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (Nasdaq: PVTB) today announced that Patrick M. McQueen, 61, has been appointed Chairman and Chief Executive Officer of The PrivateBank - Michigan, effective March 7, 2008, replacing David T. Provost, who resigned. McQueen previously served as President and Chief Operating Officer of The PrivateBank - Michigan.

"We are pleased to welcome Pat McQueen as the new CEO of The PrivateBank - Michigan. Pat's accomplishments at the Bank coupled with his combination of leadership and experience will allow The PrivateBank - Michigan to continue to grow while maintaining our commitment to high quality, consistent client service. I look forward to working with Pat and our growing Michigan team to deliver The PrivateBank's unique, client focused model of relationship banking for the benefit of our clients and the greater metropolitan Detroit community," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc.

"I am honored to be named Chairman and CEO of The PrivateBank - Michigan. I am looking forward to working with Larry, PrivateBancorp Chairman Ralph Mandell and the entire management team to grow The Private Bank - Michigan," said McQueen.

McQueen joined The PrivateBank - Michigan in 1999. Prior to joining the Bank, McQueen served six years as Commissioner of the Michigan Financial Institutions Bureau and also served as acting Commissioner of the Michigan Insurance Bureau. Before his leadership role in state government, McQueen served over 23 years at Manufacturer's National Bank, now Comerica. He holds an MBA from Michigan State University, a BBA from the University of Michigan - Dearborn, as well as certification from the University of Virginia's Graduate School of Banking.

The Company also announced that David Provost, former Chairman and Chief Executive Officer, The Private Bank - Michigan, has resigned from the Bank effective March 7, 2008 to pursue other interests.

"David has been a valued member of our leadership team since our acquisition of Bloomfield Hills Bancorp in 2005. We regret David's departure, but respect his decision and wish him the best in his future endeavors. We anticipate a seamless transition, given Pat's proven leadership capabilities and deep relationships with The PrivateBank - Michigan's bankers and clients," said Ralph B. Mandell, Chairman of PrivateBancorp, Inc.

About PrivateBancorp, Inc.

PrivateBancorp, Inc., through its PrivateBank subsidiaries, provides distinctive, highly personalized, premium financial services to a growing array of successful entrepreneurial and middle market privately held and public businesses, affluent individuals, wealthy families, professionals, entrepreneurs and real estate investors. The PrivateBank uses a European tradition of "private banking" as a model to develop lifetime relationships with its clients. Through a team of highly qualified managing directors, The PrivateBank delivers a sophisticated suite of tailored credit, treasury and wealth management solutions to meet its client's personal and commercial financial needs. The Company, which had assets of $5.0 billion as of December 31, 2007, has 20 offices located in the Atlanta, Chicago, Cleveland, Detroit, Milwaukee, Minneapolis, St. Louis, and Kansas City metropolitan areas.

Additional information can be found in the Investor Relations section of PrivateBancorp, Inc.'s website at http://www.pvtb.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, 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, further deterioration in asset quality, insufficient liquidity/funding sources or the inability to obtain on terms acceptable to the Company the funding necessary to fund its loan growth, legislative or regulatory changes, adverse developments in the Company's loan or investment portfolios, slower than anticipated growth of the Company's business or unanticipated business declines, failure to get regulatory approval for a de novo federal savings bank in Kansas City or a limited purpose trust-only federal savings bank, competition, unforeseen difficulties in integrating new hires, failure to improve operating efficiencies through expense controls, 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.