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The parent of $13 billion-asset PrivateBank said Wednesday it has begun a public offering of roughly $75 million of its common stock and announced plans to hold a separate public offering of $125 million in subordinated debt.
October 10 -
Royal Bank of Scotland is said to be looking for a buyer for its 105-branch network in Chicago, but finding a buyer might be difficult because of market conditions and regulatory issues.
October 4 -
Rival bankers who operate in Chicago have been giving their takes some sarcastic, others serious, yet others cautious about the competitive effect of MB Financial's deal to buy Taylor Capital.
July 26
PrivateBancorp (PVTB) in Chicago posted stronger earnings because of cost-cutting.
The $13.9 billion-asset company's third-quarter earnings rose 69% from a year earlier, to $33.1 million. Earnings per share of 42 cents were 5 cents higher than the average estimate of analysts polled by Bloomberg.
Noninterest expense fell by more than $10 million from a year earlier, to $71.3 million, as compensation costs and expenses tied to foreclosures and loan collections fell.
Net interest income rose less than 1% from a year earlier, to $105.8 million. The net interest margin narrowed by 17 basis points from the third quarter of last year, to 3.18%. Loans grew 8% from a year earlier, to $10.4 million. Noninterest income was flat from a year earlier, at $27.8 million.
The loan-loss provision fell 40% from a year earlier, to $8.1 million. Net chargeoffs decreased by 49% from the third quarter of 2012, to $10.5 million.
