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PrivateBancorp, Inc. operates as the holding company for The PrivateBank and Trust Company, The PrivateBank - St. Louis, The PrivateBank – Michigan, and a mortgage banking subsidiary, The PrivateBank Mortgage Company. The company, through these subsidiaries, provides private banking and wealth management services primarily to individuals, professionals, entrepreneurs, and their business interests. Its banking subsidiaries offer a range of lending products including lines of credit for working capital, term loans for equipment and other investment purposes, letters of credit, real estate loan products, and construction loans for residential and commercial developments. The banks also offer noncredit products, such as lockbox, cash concentration accounts, merchant credit card processing, electronic funds transfer, other cash management products, and insurance. Its individual banking services include checking and money market accounts, certificates of deposit, automated teller machine/debit cards, investment brokerage accounts, insurance products and securities brokerage services, and domestic and international wire transfers and foreign currency exchange services. The company's wealth management services include investment management, personal trust and estate services, custodial services, retirement accounts, and investment services. PrivateBancorp invests primarily in mortgage-backed securities and collateralized mortgage obligations backed by the United States agencies. As of September 30, 2005, the company had 13 offices located in the Chicago, Detroit, Milwaukee, and St. Louis metropolitan areas. PrivateBancorp was co-founded by Ralph B. Mandell in 1989. The company is headquartered in Chicago, Illinois.