CIBC Bank USA
{{Short description|American banking division of CIBC}}
{{About|the United States subsidiary|the Canadian parent company|Canadian Imperial Bank of Commerce}}
{{Infobox company
| name = CIBC Bank USA
| logo = CIBC logo 2021.svg
| logo_size = 175px
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| former_name = The PrivateBank and Trust Company
| type = Subsidiary
| traded_as = {{NASDAQ was|PVTB}} (1999–2017)
| industry = Financial services
| founded = {{start date and age|1989}}
| founder =
| hq_location = 120 South LaSalle Street
| hq_location_city = Chicago, Illinois
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| products = Consumer Banking, Corporate Banking, Insurance, Investment Banking, Mortgage loans, Private Banking, Private Equity, Wealth Management, Credit Cards, Financial Analysis
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| assets = $17.7 billion
| assets_year = 2016
| aum = $9.6 billion
| parent = Canadian Imperial Bank of Commerce (CIBC)
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| website = {{URL|https://us.cibc.com/}}
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CIBC Bank USA is an American commercial bank headquartered in Chicago, Illinois. Founded in 1989 as The PrivateBank and Trust Company (doing business as The{{nbsp}}PrivateBank), 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.{{cite news|last1=Channick|first1=Robert|title=PrivateBank changing name to CIBC Bank USA after $5 billion deal|url=http://www.chicagotribune.com/business/ct-private-bank-cibc-name-change-0817-biz-20170816-story.html|access-date=May 11, 2018|work=Chicago Tribune|date=August 16, 2017}} 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.{{cite web|title=About Us|url=https://www.theprivatebank.com/about-the-privatebank/|website=The PrivateBank|access-date=May 11, 2018|archive-url=https://web.archive.org/web/20170818085945/https://www.theprivatebank.com/about-the-privatebank/|archive-date=August 18, 2017}} Discussions between PrivateBancorp and CIBC executives regarding an acquisition began in 2013, with CIBC's acquisition completed in June 2017.{{cite news|title=Canada's CIBC completes $5 billion PrivateBancorp buy|url=https://www.reuters.com/article/us-privatebancorp-m-a-cibc-idUSKBN19E1EB|access-date=May 11, 2018|work=Reuters|date=June 23, 2017}} The subsidiary adopted CIBC branding in September 2017.{{cite news|title=CIBC to rebrand The PrivateBank as CIBC Bank USA at dozens of locations|url=https://business.financialpost.com/news/cibc-to-rebrand-the-privatebank-as-cibc-bank-usa-at-dozens-of-locations|access-date=May 11, 2018|work=Financial Post|agency=The Canadian Press|date=September 18, 2017}}
CIBC Bank USA is CIBC's second foray into the American commercial banking market.{{cite news|last1=Bradshaw|first1=James|title=CIBC aims to double share of profits from U.S. operations|url=https://www.theglobeandmail.com/report-on-business/cibc-aims-to-double-share-of-profits-from-us-operations/article37320806/|access-date=May 11, 2018|work=The Globe and Mail|date=December 13, 2017|archive-url=https://web.archive.org/web/20171214031219/https://www.theglobeandmail.com/report-on-business/cibc-aims-to-double-share-of-profits-from-us-operations/article37320806/|archive-date=December 14, 2017}} 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.{{cite news|title=CIBC shutting U.S. electronic banking operations|url=http://www.cbc.ca/news/business/cibc-shutting-u-s-electronic-banking-operations-1.336896|access-date=May 29, 2018|work=CBC News|date=November 14, 2002}}{{cite web|title=Amicus FSB|url=https://www5.fdic.gov/idasp/confirmation_outside.asp?incert1=28393|website=Institution Directory|publisher=Federal Deposit Insurance Corporation|access-date=May 29, 2018|language=en}}{{cite web|title=CIBC National Bank|url=https://www5.fdic.gov/idasp/confirmation_outside.asp?incert1=35263|website=Institution Directory|publisher=Federal Deposit Insurance Corporation|access-date=May 29, 2018|language=en}} The PrivateBancorp acquisition was the largest in CIBC's history.{{cite news|last1=Alexander|first1=Doug|title=CIBC Sees $5 Billion PrivateBank Deal Fueling U.S. Expansion|url=https://www.bloomberg.com/news/articles/2017-06-23/cibc-sees-privatebank-as-platform-for-u-s-expansion-ceo-says|access-date=May 11, 2018|work=Bloomberg|date=June 23, 2017|language=en}}
Community partnership
CIBC Bank USA holds the naming rights to the CIBC Theatre (formerly The PrivateBank Theatre, The LaSalle Bank Theatre, and The Bank of America Theatre), a performing arts venue in Chicago's Loop.{{cite news|last1=Di Nunzio|first1=Miriam|title=Canada's CIBC acquires naming rights to The PrivateBank Theatre|url=https://chicago.suntimes.com/entertainment/canadas-cibc-aquires-naming-rights-to-the-privatebank-theatre/|access-date=May 11, 2018|work=Chicago Sun-Times|language=en|date=September 18, 2017}} The theater officially adopted the CIBC branding on September 18, 2017.{{cite news|last1=Rivera|first1=S.|title=PrivateBank Theatre changing name|url=http://wgntv.com/2017/09/18/privatebank-theatre-changing-name/|access-date=May 11, 2018|work=WGN-TV|date=September 18, 2017}}
References
{{reflist}}
External links
{{Portal|Banks}}
- {{official|https://us.cibc.com/}}
{{CIBC}}
Category:American subsidiaries of foreign companies
Category:1989 establishments in Illinois
Category:Banks based in Illinois
Category:Banks based in Chicago
Category:Banks established in 1989
Category:Canadian Imperial Bank of Commerce
Category:1999 initial public offerings