CIBC Bank USA is an American commercial bank headquartered in Chicago, Illinois. Founded in 1989 as The PrivateBank and Trust Company (doing business as The PrivateBank), a subsidiary of PrivateBancorp Inc., the company became a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce (CIBC) after a US$5 billion acquisition in June 2017.[2] This acquisition marks the Canadian bank's second formal entry into the American retail and investment banking market. CIBC Bank is one of the largest banking institutions in the United States
 | |
| Formerly | The PrivateBank and Trust Company[1] |
|---|---|
| Company type | Subsidiary |
| Nasdaq: PVTB (1999–2017) | |
| Industry | Financial services |
| Founded | 1989 |
| Headquarters | 120 South LaSalle Street, |
| Products | Consumer Banking, Corporate Banking, Insurance, Investment Banking, Mortgage loans, Private Banking, Private Equity, Wealth Management, Credit Cards, Financial Analysis |
| AUM | $9.6 billion |
| Total assets | $17.7 billion (2016) |
| Parent | Canadian Imperial Bank of Commerce (CIBC) |
| Website | us |
History
editPrivateBancorp was incorporated in Delaware in 1989, and opened its first office in Chicago in 1991.[1] 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
editCIBC Bank USA holds the naming rights to the CIBC Theatre (formerly The PrivateBank Theatre, The LaSalle Bank Theatre, and The Bank of America Theatre), a performing arts venue in Chicago's Loop.[10] The theater officially adopted the CIBC branding on September 18, 2017.[11]
References
edit- ^ a b "About Us". The PrivateBank. Archived from the original on August 18, 2017. Retrieved May 11, 2018.
- ^ Channick, Robert (August 16, 2017). "PrivateBank changing name to CIBC Bank USA after $5 billion deal". Chicago Tribune. Retrieved May 11, 2018.
- ^ "Canada's CIBC completes $5 billion PrivateBancorp buy". Reuters. June 23, 2017. Retrieved May 11, 2018.
- ^ "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.
- ^ 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.
- ^ "CIBC shutting U.S. electronic banking operations". CBC News. November 14, 2002. Retrieved May 29, 2018.
- ^ "Amicus FSB". Institution Directory. Federal Deposit Insurance Corporation. Retrieved May 29, 2018.
- ^ "CIBC National Bank". Institution Directory. Federal Deposit Insurance Corporation. Retrieved May 29, 2018.
- ^ Alexander, Doug (June 23, 2017). "CIBC Sees $5 Billion PrivateBank Deal Fueling U.S. Expansion". Bloomberg. Retrieved May 11, 2018.
- ^ Di Nunzio, Miriam (September 18, 2017). "Canada's CIBC acquires naming rights to The PrivateBank Theatre". Chicago Sun-Times. Retrieved May 11, 2018.
- ^ Rivera, S. (September 18, 2017). "PrivateBank Theatre changing name". WGN-TV. Retrieved May 11, 2018.
