PrivateBancorp, Inc. Stockholders Approve Proposals Critical to Strategic Growth Plan
Increase in Authorized Common Stock and Support for Long-Term Incentive Plan CHICAGO, May 22 /PRNewswire-FirstCall/ -- PrivateBancorp, Inc. (NASDAQ:PVTB) today announced that its stockholders have approved an increase in the number of authorized shares of common stock as well as the 2007 Long-Term Incentive Compensation Plan, both important components to the ongoing execution of the company's Strategic Growth Plan announced last November.
Stockholders approved increasing the authorized common shares to 89 million from 39 million. The company requested the increase to support its Strategic Growth Plan; namely, for capital-raising efforts and the ability to fund future growth initiatives. PrivateBancorp also sought and received approval for its 2007 Long-Term Incentive Compensation Plan, which was created to attract, retain and motivate employees as the company embarked on its Strategic Growth Plan. The Long-Term Incentive Compensation Plan is designed to facilitate a sense of ownership among employees for the future growth and success of the company.
Additionally, stockholders approved the election of six directors and ratified Ernst & Young LLP as PrivateBancorp's independent accounting firm. The six directors whose re-elections were approved are: William A. Castellano, founder and chairman of Worknet, Inc.; Patrick F. Daly, founder and chief executive officer of The Daly Group LLC; Cheryl Mayberry McKissack, founder, president and chief executive officer of NIA Enterprises, LLC; Ralph B. Mandell, founder and executive chairman of PrivateBancorp, Inc.; Edward W. Rabin Jr., retired president of Hyatt Hotels Corp.; and Larry D. Richman, president and chief executive officer, PrivateBancorp, Inc. "We are grateful to all of our voting stockholders who approved these proposals, as it signals their support and endorsement of our Strategic Growth Plan," said Larry Richman, president and chief executive officer, PrivateBancorp, Inc. "Our vision is to build this company into the bank of choice for middle-market commercial and real estate companies, as well as business owners, executives, entrepreneurs and wealthy families, while at the same time creating value for our stockholders, a dynamic place to work for our employees and supporting our communities. These approvals send a message that our stockholders share our vision." Of the 28,319,491 shares eligible to vote as of the March 26, 2008, record date, more than 25,768,443 votes, or approximately 91 percent of the total shares outstanding, were represented at the meeting. The meeting marked the first time Richman, who was named president and CEO in November, addressed the stockholders. In his remarks, he provided an update on first-quarter performance and progress made in executing the Strategic Growth Plan. "We are evolving PrivateBancorp into a larger, more diversified company with the goal of achieving long-term sustainable organic growth," Richman said in his remarks to stockholders. "We believe our Strategic Growth Plan is creating value for our stockholders, providing the best solutions for our clients and giving opportunities to our employees."
About PrivateBancorp, Inc. PrivateBancorp, Inc. is a growing diversified financial services company with 22 offices in nine states and more than $6 billion in assets as of March 31, 2008. 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 wealthy families. To learn more, visit us at http://www.theprivatebank.com/. Forward-Looking Statements: Statements contained in this news release that are not historical facts may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, fluctuations in market rates of interest and loan and deposit pricing in the Company's market areas, the effect of continued margin pressure on the Company's earnings, further deterioration in asset quality, the inability to raise additional equity capital on terms acceptable to the Company, or at all, necessary to fund the Company's continued growth, insufficient liquidity/funding sources or the inability to obtain on terms acceptable to the Company the funding necessary to fund its loan growth, legislative or regulatory changes, adverse developments in the Company's loan or investment portfolios, slower than anticipated growth of the Company's business or unanticipated business declines, competition, unforeseen difficulties in integrating new hires, failure to improve operating efficiencies through expense controls, and the possible dilutive effect of potential acquisitions, expansion or future capital raises. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update publicly any of these statements in light of future events unless required under the federal securities laws. First Call Analyst:
CONTACT: Amy Yuhn, Director of Communications of PrivateBancorp, Inc., Web site: http://www.theprivatebank.com/
2008-05-22 18:33:23 0369385 PRNEWSWIRE
HOME || Press Release Archive || © Leigh Media Corporation || Terms of Use || Privacy Policy || Publish Your Press Release Here |