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As deal closing nears, PrivateBancorp to delist, deregister, redeem debt

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As deal closing nears, PrivateBancorp to delist, deregister, redeem debt

In anticipation of the closing of the acquisition by Canadian Imperial Bank of Commerce, PrivateBancorp Inc. notified the New York Stock Exchange of its intention to delist its 7.125% subordinated debentures due 2042 and the Nasdaq Global Select Stock Market of its intention to delist the 10% trust preferred securities of PrivateBancorp Capital Trust IV.

PrivateBancorp seeks to deregister the securities under the Securities Exchange Act of 1934, as amended.

The debentures and the TruPS will be called for redemption on their first available redemption date following deal completion.

PrivateBancorp plans to make arrangements to call for redemption all of the outstanding debentures on the first available redemption date of Oct. 30. The debentures are held only in book-entry form through the Depository Trust Co., and they will be redeemed in accordance with DTC procedures.

Also, PrivateBancorp will arrange to call for redemption all of the outstanding TruPS on or about July 24.