PrivateBancorp, Inc. Makes Inducement Equity Awards to Newly Hired Employees

PR Newswire

posted: 96 DAYS 16 HOURS AGO

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CHICAGO, Nov. 5 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (Nasdaq: PVTB) today announced that on November 2, 2009, in connection with and pursuant to its previously filed Strategic Long Term Incentive Compensation Plan, seven of its recently hired employees received inducement equity awards. The announcement was made to comply with the rules of the NASDAQ Global Select Market on which the Company's stock is traded.

The Strategic Long Term Incentive Compensation Plan was adopted by the Company's Board of Directors for making inducement stock option and restricted stock awards to attract such hires and promote achievement of exceptional performance. The recently hired employees received an aggregate of 30,225 time-vested stock options, with an exercise price of $8.80 per share, the closing price for the common stock on November 2, 2009, and 20,475 time-vested shares of restricted stock. The awards vest over a three-year period.

About PrivateBancorp, Inc.

PrivateBancorp, Inc. is a growing diversified financial services company with 34 offices in 10 states and $12.1 billion in assets as of September 30, 2009. Through its subsidiaries, PrivateBancorp delivers customized business and personal financial services to middle market commercial and commercial real estate companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve. Our website is www.theprivatebank.com .

SOURCE PrivateBancorp, Inc.

2009-11-05 17:30:00