CIBC Bank USA explained

CIBC Bank USA
Former Name:The PrivateBank and Trust Company
Type:Subsidiary
Traded As:NASDAQ: (1999–2017)
Industry:Financial services
Founders:-->
Hq Location:120 South LaSalle Street
Hq Location City:Chicago, Illinois
Areas Served:-->
Products:Consumer Banking, Corporate Banking, Insurance, Investment Banking, Mortgage loans, Private Banking, Private Equity, Wealth Management, Credit Cards, Financial Analysis
Assets:$17.7 billion
Assets Year:2016
Aum:$9.6 billion
Parent:CCIBC Bancorp USA

CIBC Bank USA is an American commercial bank headquartered in Chicago, Illinois. Founded in 1989 as The PrivateBank and Trust Company (doing business as ThePrivateBank), 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.[1] 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

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, The LaSalle 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]

Notes and References

  1. News: Channick. Robert. PrivateBank changing name to CIBC Bank USA after $5 billion deal. May 11, 2018. Chicago Tribune. August 16, 2017.
  2. Web site: About Us. The PrivateBank. May 11, 2018. https://web.archive.org/web/20170818085945/https://www.theprivatebank.com/about-the-privatebank/. August 18, 2017.
  3. News: Canada's CIBC completes $5 billion PrivateBancorp buy. May 11, 2018. Reuters. June 23, 2017.
  4. News: CIBC to rebrand The PrivateBank as CIBC Bank USA at dozens of locations. May 11, 2018. Financial Post. The Canadian Press. September 18, 2017.
  5. News: Bradshaw. James. CIBC aims to double share of profits from U.S. operations. May 11, 2018. The Globe and Mail. December 13, 2017. https://web.archive.org/web/20171214031219/https://www.theglobeandmail.com/report-on-business/cibc-aims-to-double-share-of-profits-from-us-operations/article37320806/. December 14, 2017.
  6. News: CIBC shutting U.S. electronic banking operations. May 29, 2018. CBC News. November 14, 2002.
  7. Web site: Amicus FSB. Institution Directory. Federal Deposit Insurance Corporation. May 29, 2018. en.
  8. Web site: CIBC National Bank. Institution Directory. Federal Deposit Insurance Corporation. May 29, 2018. en.
  9. News: Alexander. Doug. CIBC Sees $5 Billion PrivateBank Deal Fueling U.S. Expansion. May 11, 2018. Bloomberg. June 23, 2017. en.
  10. News: Di Nunzio. Miriam. Canada's CIBC acquires naming rights to The PrivateBank Theatre. May 11, 2018. Chicago Sun-Times. en. September 18, 2017.
  11. News: Rivera. S.. PrivateBank Theatre changing name. May 11, 2018. WGN-TV. September 18, 2017.