PrivateBancorp, Inc., said it returned to profitability in the third quarter as a result of new loan growth. The Chicago-based bank on Tuesday reported net income of $4.5 million, or 6 cents a share for the third quarter, compared with a net loss of $31.2 million, or 68 cents a share, in the year-ago period. Get the full story »
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PrivateBancorp’s stock up on smaller 2Q loss
PrivateBancorp Inc. stock is up 12.6 percent, to $11.94 a share, in mid-day trading as the Chicago-based parent of PrivateBank posted a narrower-than-expected second-quarter loss and sounded slightly more positive about the economy than one of its rivals did last week.
“The economy is growing but the recovery will be slow and uneven,” Chief Executive Larry Richman said in an earnings conference call. But “I do believe the real estate portion of the economy remains very slow and weak.” Get the full story »
