CIBC Bank USA

CIBC Bank USA is an American commercial bank headquartered in Chicago, Illinois. Founded in 1989 as PrivateBancorp Inc. (doing business as The PrivateBank), the company became a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce (CIBC) after a US$5 billion acquisition in June 2017.[1] This acquisition marks the Canadian bank's second formal entry into the American retail and investment banking market.

This article is about the United States subsidiary. For the Canadian parent company, see Canadian Imperial Bank of Commerce.
CIBC Bank USA
Formerly
PrivateBancorp Inc.
Subsidiary
Traded asNASDAQ: PVTB (1999–2017)
IndustryFinancial services
Founded1989
Headquarters120 South LaSalle Street,
Chicago, Illinois
AUM$9.6 billion
Total assets$17.7 billion (2016)
OwnerCanadian Imperial Bank of Commerce
ParentCIBC Bancorp USA
Websiteus.cibc.com

History

PrivateBancorp was incorporated in Delaware in 1989, and opened its first office in Chicago in 1991.[2] Discussions between PrivateBancorp and CIBC executives regarding an acquisition began in 2013, with CIBC's acquisition completed in June 2017.[3] The subsidiary adopted CIBC branding in September 2017.[4]

CIBC Bank USA is CIBC's second foray into the American commercial banking market.[5] Its previous unsuccessful operations, CIBC National Bank and Amicus Federal Savings Bank, were founded in 2000 to provide co-branded banking services for supermarket chains and both entered voluntary liquidation in 2003.[6][7][8] The PrivateBancorp acquisition was the largest in CIBC's history.[9]

Community partnership

CIBC Bank USA holds the naming rights to the CIBC Theatre (formerly The PrivateBank Theatre), a performing arts venue in Chicago's Loop.[10] The theater officially adopted the CIBC branding on September 18, 2017.[11]

References
  1. Channick, Robert (August 16, 2017). "PrivateBank changing name to CIBC Bank USA after $5 billion deal". Chicago Tribune. Retrieved May 11, 2018.
  2. "About Us". The PrivateBank. Archived from the original on August 18, 2017. Retrieved May 11, 2018.
  3. "Canada's CIBC completes $5 billion PrivateBancorp buy". Reuters. June 23, 2017. Retrieved May 11, 2018.
  4. "CIBC to rebrand The PrivateBank as CIBC Bank USA at dozens of locations". Financial Post. The Canadian Press. September 18, 2017. Retrieved May 11, 2018.
  5. Bradshaw, James (December 13, 2017). "CIBC aims to double share of profits from U.S. operations". The Globe and Mail. Archived from the original on December 14, 2017. Retrieved May 11, 2018.
  6. "CIBC shutting U.S. electronic banking operations". CBC News. November 14, 2002. Retrieved May 29, 2018.
  7. "Amicus FSB". Institution Directory. Federal Deposit Insurance Corporation. Retrieved May 29, 2018.
  8. "CIBC National Bank". Institution Directory. Federal Deposit Insurance Corporation. Retrieved May 29, 2018.
  9. Alexander, Doug (June 23, 2017). "CIBC Sees $5 Billion PrivateBank Deal Fueling U.S. Expansion". Bloomberg. Retrieved May 11, 2018.
  10. Di Nunzio, Miriam (September 18, 2017). "Canada's CIBC acquires naming rights to The PrivateBank Theatre". Chicago Sun-Times. Retrieved May 11, 2018.
  11. Rivera, S. (September 18, 2017). "PrivateBank Theatre changing name". WGN-TV. Retrieved May 11, 2018.
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