CHICAGO, May 12, 2017 /PRNewswire/ -- PrivateBancorp,
Inc. (NASDAQ: PVTB) announced the results of its special meeting of
stockholders held earlier today. PrivateBancorp stockholders
approved the proposals necessary to complete the acquisition of
PrivateBancorp by CIBC (TSX: CM) (NYSE: CM).
The transaction is subject to customary closing conditions,
including approval by federal banking regulators in the United States and CIBC's banking regulator
in Canada. On May 3, 2017, the
Illinois Department of Financial and Professional Regulation,
Division of Banking, issued an order approving the transaction.
The companies are confident that the remaining closing
conditions will be satisfied in time to close the transaction in
June 2017.
"We are pleased with the outcome of today's vote and thank our
stockholders for their support," said James
M. Guyette, Chairman of the Board of Directors,
PrivateBancorp, Inc. "This strategic combination creates
meaningful value for stockholders, and we look forward to
completing the transaction in June."
Larry D. Richman, PrivateBancorp
President and Chief Executive Officer, added, "Today's vote
reinforces our stockholders' support for the strategic opportunity
a combination with CIBC offers. This will make our strong bank even
stronger with the same commitment to building long-term client
relationships, the same experienced team, and the same dedication
to Chicago and all of the
communities we serve. We look forward to working with CIBC to
successfully complete the transaction and realize the full benefits
of the combination for all stakeholders."
Final voting results for the special meeting will be disclosed
in a Form 8-K expected to be filed with the SEC later today.
About PrivateBancorp, Inc.
PrivateBancorp, Inc., through its subsidiary The PrivateBank,
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 it
serves. As of March 31, 2017, the
Company had 36 offices in 13 states and $20.4 billion in assets. The Company's website is
www.theprivatebank.com.
Forward Looking Statements
Certain statements contained in this communication may be deemed
to be forward-looking statements under certain securities laws. All
such statements are made pursuant to the "safe harbor" provisions
of, and are intended to be forward-looking statements under
applicable Canadian and U.S. securities legislation, including the
United States Private Securities Litigation Reform Act of 1995.
These statements include, but are not limited to, statements about
the operations, business lines, financial condition, risk
management, priorities, targets, ongoing objectives, strategies of
PrivateBancorp and CIBC and the regulatory environment in which
they operate and outlook for calendar year 2017 and subsequent
periods. Forward-looking statements are typically identified by the
words "believe", "expect", "anticipate", "intend", "estimate",
"forecast", "target", "objective" and other similar expressions or
future or conditional verbs such as "will", "should", "would" and
"could". By their nature, these statements require us to make
assumptions, including the economic assumptions set out in the
reports of PrivateBancorp and CIBC filed with the SEC, and are
subject to inherent risks and uncertainties that may be general or
specific. A variety of factors, many of which are beyond our
control, affect our operations, performance and results, and could
cause actual results to differ materially from the expectations
expressed in any of our forward-looking statements. These
factors include: credit, market, liquidity, strategic, insurance,
operational, reputation and legal, regulatory and environmental
risk; the effectiveness and adequacy of our risk management and
valuation models and processes; legislative or regulatory
developments in the jurisdictions where we operate, including the
Dodd-Frank Wall Street Reform and Consumer Protection Act and the
regulations issued and to be issued thereunder, the Organisation
for Economic Co-operation and Development Common Reporting
Standard, and regulatory reforms in the United Kingdom and Europe, the Basel Committee on Banking
Supervision's global standards for capital and liquidity reform and
those relating to the payments system in Canada; amendments to, and interpretations of,
risk-based capital guidelines and reporting instructions, and
interest rate and liquidity regulatory guidance; the resolution of
legal and regulatory proceedings and related matters; the effect of
changes to accounting standards, rules and interpretations; changes
in our estimates of reserves and allowances; changes in tax laws;
changes to our credit ratings; political conditions and
developments, including changes relating to economic or trade
matters; the possible effect on our business of international
conflicts and the war on terror; natural disasters, public health
emergencies, disruptions to public infrastructure and other
catastrophic events; reliance on third parties to provide
components of our business infrastructure; potential disruptions to
our information technology systems and services; increasing cyber
security risks which may include theft of assets, unauthorized
access to sensitive information, or operational disruption; social
media risk; losses incurred as a result of internal or external
fraud; anti-money laundering; the accuracy and completeness of
information provided to us concerning clients and counterparties;
the failure of third parties to comply with their obligations to us
and our affiliates or associates; intensifying competition from
established competitors and new entrants in the financial services
industry including through internet and mobile banking;
technological change; global capital market activity; changes in
monetary and economic policy; currency value and interest rate
fluctuations, including as a result of market and oil price
volatility; general business and economic conditions worldwide, as
well as in Canada, the U.S. and
other countries where we and CIBC have operations, including
increasing Canadian household debt levels and global credit risks;
our success in developing and introducing new products and
services, expanding existing distribution channels, developing new
distribution channels and realizing increased revenue from these
channels; changes in client spending and saving habits; our ability
to attract and retain key employees and executives; our ability to
successfully execute our strategies and complete and integrate
acquisitions and joint ventures; the risk that expected synergies
and benefits of the merger between PrivateBancorp and CIBC will not
be realized within the expected time frame or at all; and our
ability to anticipate and manage the risks associated with these
factors. This list is not exhaustive of the factors that may
affect any of our forward-looking statements. These and other
factors should be considered carefully and readers should not place
undue reliance on our forward-looking statements. Additional
information about these factors can be found in the reports filed
by PrivateBancorp and CIBC with the SEC. Any forward-looking
statements contained in this communication represent the views of
management only as of the date hereof and are presented for the
purpose of assisting our stockholders and financial analysts in
understanding our financial position, objectives and priorities and
anticipated financial performance as at and for the periods ended
on the dates presented, and may not be appropriate for other
purposes. We do not undertake to update any forward-looking
statement that is contained in this communication or in other
communications except as required by law.
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SOURCE PrivateBancorp, Inc.
