Chicago's PrivateBancorp has a deal to buy the Illinois operations of Johnson International, a Racine, Wis.-based bank holding company.
PrivateBancorp, with $458 million of assets, is to buy two suburban Chicago branches and $112 million of assets for $20 million -- $15 million in cash and $5 million in subordinated notes. The deal is expected to be competed by yearend.
Ralph B. Mandell, chairman and chief executive officer of PrivateBancorp, said that the deal, along with the bank company's existing branch in Wilmette, "enables us to have an established presence in three of the North Shore's key markets."
This is PrivateBancorp's second deal announcement this year. In June it said it would buy out the organizers of a new bank being planned for St. Charles, Ill. Instead, a branch of PrivateBank and Trust Co., the holding company's subsidiary, will be opened in St. Charles before the end of the year.
-- Louis Whiteman