PrivateBank's new customer: Other banks
from Crain's Chicago Business
Six years after the financial crisis dried up credit for community banks, PrivateBank & Trust is stepping into the breach. The growing Chicago-based commercial bank has hired four veteran local bankers to launch a specialized group to lend to the area's numerous small banks, as well as non-bank firms like hedge funds and asset managers. PrivateBank aims to claim the crown once worn by LaSalle Bank, which dominated local lending to banks before its 2007 sale to Bank of America Corp. of Charlotte, N.C. Former LaSalle Bank CEO and current PrivateBank Chairman Norman Bobins was renowned for his deep knowledge of even the smallest area banks and will play a role in the new initiative, PrivateBank CEO Larry Richman says.
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