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Article: PrivateBancorp, Inc. Announces Commencement of Underwritten Public Offering of Common Stock.
- Article from:
- Mergers & Acquisitions Week
- Article date:
- November 11, 2009
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PrivateBancorp, Inc. (NASDAQ: PVTB) announced it has commenced an underwritten public offering of $175 million of its common stock. The net proceeds from the offering will qualify as tangible common equity and Tier 1 capital and will be used to further capitalize our banks in order to support continued growth and for working capital and other general corporate purposes, including possible FDIC-assisted acquisition transactions. In addition, upon completion of this offering, we will be eligible to request that the U.S. Department of the Treasury reduce the number of shares of our common stock issuable upon exercise of the warrant held by the U.S. Treasury by 50% to 645,013 ...