In Brief: Bank Being Sold Before Opening Its Doors

A new bank planned for the Chicago suburbs is being sold before it even opens for business.

Organizers of Towne Square Financial Corp. in St. Charles, Ill., said this week that they are selling to Chicago's PrivateBancorp for an undisclosed price. Thomas Castronovo, a principal organizer of the new bank, will instead manage a planned PrivateBank and Trust branch in St. Charles.

PrivateBancorp is in a quiet period to go public and declined to comment. Town Square officials also would not comment.

PrivateBancorp, with $431 million of assets, operates eight branches in Greater Chicago. The 10-year-old company caters to affluent individuals and small-business owners.

The deal is expected to close during the third quarter.

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