PrivateBancorp Stockholders Approve All Proposals
CHICAGO, May 23, 2013 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today announced that its stockholders have approved all proposals at the 2013 annual meeting.
PrivateBancorp stockholders approved the following proposals:
- The amendment to the Company's Amended and Restated Certificate of Incorporation, as amended, to declassify the Board of Directors
- The election of Board members Robert F. Coleman, James M. Guyette, Collin E. Roche, and William R. Rybak for one-year terms
- The ratification of the selection of Ernst & Young LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2013
- A non-binding advisory vote to approve 2012 executive compensation
Additionally, in a non-binding advisory vote, a majority of PrivateBancorp stockholders supported an annual non-binding advisory vote on executive compensation.
"As I reflect on our accomplishments in 2012, I believe our success lies in our dedication to building mutually beneficial and profitable client relationships, as well as addressing our challenges with a clear and direct path to outcomes," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. "Looking into 2013 and beyond, we are committed to capitalizing on the momentum we have built over the last few years and in 2012, especially. We will maintain our focus on selectivity and discipline, balancing our asset growth strategy with our profitability goals and grow by acquiring and building with the right clients."
Of the approximately 74.1 million shares eligible to vote as of the March 28, 2013, the record date, approximately 67.7 million votes, or approximately 91.4 percent of the total shares outstanding, were represented at the meeting.
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 March 31, 2013, the Company had 36 offices in 10 states and $13.4 billion in assets. Our website is www.theprivatebank.com.
Statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of federal securities laws. Our ability to predict results or the actual effects of future plans, strategies or events is inherently uncertain. Factors which could cause actual results to differ from those reflected in forward-looking statements include: unforeseen credit quality problems or further deterioration in problem loans or underlying collateral that could result in charge-offs greater than we have anticipated in our allowance for loan losses; slower than anticipated dispositions of other real estate owned or declines in real estate values which may result in increased losses and ongoing elevated foreclosed property expense; continued uncertainty regarding U.S. and global economic recovery and economic outlook that may impact market conditions and credit quality or prolong weakness in demand for loans or other banking products and services; unanticipated developments in the timing or closing of pending or prospective loan transactions or greater than expected paydowns or payoffs of existing loans; unanticipated changes in interest rates; competitive pricing trends; lack of sufficient or cost-effective sources of liquidity or funding as and when needed; loss of key personnel or an inability to recruit and retain appropriate talent; uncertainty relating to proposed regulatory capital rules that could, depending on the nature of our balance sheet, require us to maintain higher levels of regulatory capital; uncertainty regarding implications of other changes in regulatory requirements relating to implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act that may negatively affect our revenues or profitability; other legislative, regulatory or accounting changes affecting financial services companies and/or the products and services offered by financial services companies; changes in monetary or fiscal policies of the U.S. Government; or failures or disruptions to our data processing or other information or operational systems, including the potential impact of disruptions or breaches at our third party service providers.
Forward-looking statements are subject to risks, assumptions and uncertainties and could be significantly affected by many factors, including those set forth in the "Risk Factors" section of our Form 10-K for the year ended December 31, 2012 as well as those set forth in our subsequent periodic and current reports filed with the SEC. These factors should be considered in evaluating forward-looking statements and undue reliance should not be placed on our forward-looking statements. Forward-looking statements speak only as of the date they are made and we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
SOURCE PrivateBancorp, Inc.