Current Report Filing (8-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 8, 2014

PRIVATEBANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)



Delaware	001-34066	36-3681151
(State or other jurisdiction of incorporation)	(Commission file number)	(I.R.S. employer identification no.)



120 S. LaSalle St. Suite 400 Chicago, Illinois		60603
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (312) 564-2000

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2 below):



	¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)



	¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)



	¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



	¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



ITEM 8.01	OTHER EVENTS

On September 8, 2014, PrivateBancorp, Inc. issued a press release announcing that PrivateBancorp Capital Trust IV will redeem $75.0 million of the $143.8 million issued and outstanding 10.00% Trust Preferred Securities on October 8, 2014. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.



ITEM 9.01	FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits



Exhibit		Description

99.1		Press release dated September 8, 2014 (furnished with the SEC as part of this Form 8-K)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.



	PRIVATEBANCORP, INC.

Dated: September 8, 2014	By:	/s/ Kevin M. Killips
		Kevin M. Killips
		Chief Financial Officer

INDEX TO EXHIBITS



Exhibit		Description

99.1		Press release dated September 8, 2014 (furnished with the SEC as part of this Form 8-K)

Exhibit 99.1

For further information:

Media Contact:

Amy Yuhn

312-564-1378

ayuhn@theprivatebank.com

Investor Relations Contact:

Jeanette O'Loughlin

312-564-6076

joloughlin@theprivatebank.com

For Immediate Release:

PrivateBancorp Announces Redemption of Certain Trust Preferred Securities

CHICAGO, September 8, 2014 -- PrivateBancorp, Inc. ("PrivateBancorp," NASDAQ: PVTB) announced today that PrivateBancorp Capital Trust IV (the “Trust”) will redeem $75.0 million of its $143.8 million issued and outstanding 10.00% Trust Preferred Securities (the “trust preferred securities”) (NASDAQ: PVTBP) on October 8, 2014 (the “redemption date”). The redemption price will be the liquidation amount of $25 per trust preferred security, together with accrued and unpaid interest to the redemption date, which is estimated at approximately $480,000 in the aggregate. Because the trust preferred securities are issued in book entry only form through the Depository Trust Company ("DTC"), the amount of trust preferred securities to be redeemed from each investor will be determined in accordance with the procedures of DTC.

The redemption of the trust preferred securities is a result of the redemption that will be made by PrivateBancorp of approximately $75.0 million of its outstanding 10.00% Junior Subordinated Debentures (the “debentures”) due 2068, all of which are held by the Trust. PrivateBancorp will use internal resources to fund the redemption. The proceeds from the partial redemption of the debentures will be applied to redeem a proportionate amount of the trust preferred securities and the Trust’s common securities. In connection with the redemption, PrivateBancorp will record approximately $2.4 million in interest expense, representing unamortized debt issuance costs associated with the proportionate amount of debentures to be redeemed.

About PrivateBancorp, Inc.

PrivateBancorp, Inc., through its subsidiaries, 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 June 30, 2014, the Company had 33 offices in 10 states and $14.6 billion in assets. Our website is www.theprivatebank.com.

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