CHICAGO, Jan. 20, 2015
/PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today
announced it has completed the sale of The PrivateBank branch in
Norcross, Ga., to Heritage
Financial Group, Inc. (NASDAQ: HBOS), the holding company for
Heritage Bank of the South.
Based on closing deposit balances of approximately $107 million, PrivateBancorp will record a gain
on sale of $0.03 per share in first
quarter 2015. As previously reported, the transaction also
involved the sale of certain retail and small business loans, which
totaled approximately $37 million at
closing.
The transaction does not impact clients of The PrivateBank's
commercial banking team, located at the Atlanta Financial
Center.
About PrivateBancorp, Inc.
PrivateBancorp, Inc., through its subsidiaries, delivers
customized business and personal financial services to
middle-market companies, as well as business owners, executives,
entrepreneurs and families in all of the markets and communities we
serve. As of December 31, 2014, the Company had 34 offices in
10 states and $15.6 billion in
assets. The Company's website is www.theprivatebank.com.
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SOURCE PrivateBancorp, Inc.