PrivateBancorp Inc. announced Wednesday it has applied to the Office of Thrift Supervision and the Federal Deposit Insurance Corp. to charter the Private Wealth Trust Co., a special-purpose savings bank.
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The Chicago financial services company said the trust company would be part of its private wealth group business unit and it would consolidate, and expand nationally PrivateBancorp's trust and wealth management business. PrivateBancorp said it expects regulatory approval this year.
