PrivateBancorp Inc. in Chicago has set a $34 per share price tag on a public offering and has raised the number of shares available to 4 million.
The $6 billion-asset company had previously announced that it would issue 3.7 million shares but increased the offering to meet demand, spokeswoman Amy Yuhn said Friday. PrivateBancorp said it plans to use the $136 million it expects to raise to continue funding its strategic growth plan and for other general corporate purposes.
The growth plan, introduced late last year, is aimed at bolstering its position in the wealth management business and increasing its commercial and industrial and commercial real estate lending. Capitalizing on the disruption caused by LaSalle Bank Corp.'s sale to Bank of America Corp., PrivateBancorp has hired 150 people since the fourth quarter, including LaSalle's former chief executive, Larry Richman.
The stock offering is expected to close June 11. The company has also given the underwriters a 30-day overallotment option to buy an additional 600,000 shares.
PrivateBancorp's shares closed at $33.80 Friday, down 4% from Thursday's close.
