PrivateBank has expanded into the Minneapolis market after adding three executives from LaSalle Bank Corp.
The Chicago unit of the $5 billion-asset PrivateBancorp Inc. said Tuesday that it opened a commercial banking business development office in Minneapolis and hired John R. Falb, Peter N. Pricco, and Seth E. Hove from LaSalle's office there.
Mr. Falb, now a PrivateBank managing director, will run the office. Mr. Pricco was hired as an associate managing director, and Mr. Hove was hired as a commercial banking officer.
Bank of America Corp. bought LaSalle from ABN Amro Holding NV in October, and analysts said they expected many LaSalle commercial bankers to depart after annual bonuses were paid this month.
PrivateBancorp, which has been trying to expand its commercial business, recruited about 75 people from LaSalle last year, including Larry Richman, who became the company's chief executive officer.
