As per terms of the transaction, repurchase of the warrant was carried out at the mutually agreed price of $1.225m, which involved the right to acquire 645,013 shares of common stock of the company at $28.35 per share.
All $243.8m of the Series B preferred stock, which was issued to the Treasury under the TARP capital purchase program, was repurchased by the bank on 24 October 2012.
Completion of current settlement of the TARP warrant represents that the Treasury has no remaining equity stake in the firm.
Managing $13.3bn in assets as on 30 September 2012, PrivateBancorp, through its subsidiaries offers bespoke business and personal financial services to middle-market companies, business owners, executives and entrepreneurs.
