I am writing to you today to share some exciting news for The PrivateBank. Our merger with CIBC is effective today and we now are making our strong bank even stronger, bringing you the same strong service of our Chicago-based bank and our experienced team backed by the resources of an innovative global financial institution.
From the very beginning, this transaction was about giving us the power to do more for our clients and our communities with the same team and the same focus on you. CIBC and The PrivateBank share a very strong client-first culture and a promise to build vibrant and thriving cities and neighborhoods. This new combination will, over time, give us greater resources to deliver a broader set of products and services to help you achieve your financial goals.
Our commitment to build lasting relationships with you remains unchanged. We are excited to partner with CIBC to create enhanced offerings for our commercial, wealth, small business and consumer clients. Additionally, we all will benefit from the strength and stability of CIBC, a 150-year-old Canadian bank that was recognized by Bloomberg as one of North America’s strongest banks. Chicago continues to be our headquarters and our leadership team remains in place. I am committed to serving as Chief Executive Officer of The PrivateBank as well as taking on the broader responsibility for CIBC’s expanding U.S. region.
We believe that not only will our clients benefit from this combination, so will our communities. Throughout our history, The PrivateBank has worked to meet the needs of those who most need our help. We are proud of our award-winning work and even more pleased that, with the support of CIBC, we recently announced a three-year community development plan that ensures we remain a leader in reaching our underserved communities. Working with our community partners, we will continue our work to make a difference through investment, lending, education and corporate giving.
We value the trust you place in us. On behalf of the 1,300 members of The PrivateBank team and our new colleagues at CIBC, we promise to work hard to continue to earn your trust every day. We look forward to the great things ahead for us as part of the CIBC family and to coming together under one CIBC brand in September. Even though our name will be changing, we remain steadfast in our dedication to serving you by knowing you, understanding your needs, and flawlessly delivering the financial solutions you need. In other words, same strong bank – made even stronger.
Larry D. Richman
SEVP and Group Head, US Region
President & CEO, The PrivateBank
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