PrivateBank to change name to CIBC Bank – Finance News

on Aug16

15 August 2017 | 5:06 pm

Hello, CIBC Bank. Goodbye, PrivateBank?

Chicago-based PrivateBank & Trust, whose parent was acquired nearly two months ago by Toronto-based CIBC, filed Aug. 11 with state regulators to change the bank’s name to CIBC Bank USA.

Many Chicagoans who now recognize the PrivateBank name as it’s grown into one of the city’s largest business banks will be asked to get comfortable with the CIBC brand. CIBC is one of Canada’s five largest banks but a virtual unknown here.

The question is whether the PrivateBank brand will remain in any capacity. On that, a bank spokeswoman declined to comment.

The other big bank in town that’s owned by a Canadian giant, BMO Harris, solved its branding quandary by incorporating both names after the former Harris Bank grew twice as large following Toronto parent BMO Financial Group’s 2010 acquisition of Milwaukee-based Marshall & Ilsley.

The CIBC name is also expected to adorn the PrivateBank Theater, which has hosted the hit musical, “Hamilton,” for nearly a year.

In June, PrivateBank CEO Larry Richman told the Chicago Tribune that the bank would be changing its name to CIBC in the fall. At $22.3 billion in assets, PrivateBank trails only Rosemont-based Wintrust Financial in size in Chicago among mid-sized local banks catering to business owners.

PrivateBank has more than 20 branches in the Chicago area, with lending offices in other markets around the country.

CIBC closed its $5 billion buyout of PrivateBancorp, PrivateBank’s parent, on June 23. Richman remains CEO and is head of U.S. operations for CIBC, which also has a smaller presence on the East Coast.



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