PrivateBancorp (PVTB) in Chicago has continued its trend of hiring former employees of LaSalle Bank, this time hiring a group who will lead the company in advising other banks.
The $14.1 billion-asset parent of the PrivateBank said last week that it has hired Patrick Horne and Kevin Kehoe as managing directors of its newly created financial institutions group. The group will offer correspondent banking and depository services to banks, asset managers, hedge funds and other financial services companies.
"The PrivateBank has been successful in creating specific industry niches where we combine experienced relationship managers with our premier products and services to address the unique needs of our clients," said Larry D. Richman, president and chief executive of PrivateBancorp, in a press release.
The new hires also included Matthew Logan and Joseph Wicklander, who, like Horne and Kehoe, are LaSalle alumni and have worked in the correspondent banking business for decades. Horne and Kehoe most recently working for Associated Banc-Corp (ASBC) of Green Bay, Wis. Logan and Wicklander join PrivateBancorp from Bank of America (BAC) which acquired LaSalle Bank from ABN Amro for in late 2007.
Richman, the former CEO of LaSalle Bank, joined PrivateBancorp in 2007 and has since hired dozens of its former lenders in a bid to build a Chicago-based commercial lender.
The new hires will report to Robert Frentzel, head of specialized industries at PrivateBancorp.
The bankers "will leverage the relationships they have built over the years to deliver the breadth of lending services, treasury management, institutional trust and capital markets services we offer as we help these companies reach their business goals," Frentzel said in a release.