CHICAGO, Oct. 3, 2016 /PRNewswire/ -- The PrivateBank today announced that Tom Shaner is named president of the Midwest Industrial Redevelopment Fund.
The PrivateBank established the Midwest Industrial Redevelopment Fund to facilitate the allocation of $50 million in New Markets Tax Credits it received in 2015. The Fund is focused on lending to commercial and industrial companies in Illinois, Indiana, Michigan, Missouri and Wisconsin that will use the financing to create living-wage job opportunities.
The Midwest Industrial Redevelopment Fund was one of 76 community development entities in the United States awarded New Markets Tax Credit allocation authority in June 2015.
Shaner succeeds Andy Dawson, who remains head of the Midwest region for The PrivateBank.
"Tom's experience in working with companies looking to expand while providing important job creation opportunities make him the natural choice to lead this business for us," said Larry D. Richman, President and Chief Executive Officer, The PrivateBank. "At The PrivateBank, we are committed to creating stronger, more stable communities and to working with clients who share that goal. We look forward to continuing to grow this part of our business under Tom's leadership."
Shaner joined The PrivateBank in 2009 and has served as a Managing Director and commercial banking relationship manager in the St. Louis office. He was a member of the team that launched the Midwest Industrial Redevelopment Fund in 2015. He has over 15 years of experience in meeting the needs of commercial middle market companies throughout the Midwest.
About The PrivateBank
The PrivateBank is a part of PrivateBancorp, Inc., and 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. The company has 34 offices in 12 states and, as of June 30, 2016, had over $18 billion in assets. The company's website is www.theprivatebank.com. The Midwest Industrial Redevelopment Fund community development entity is a wholly owned subsidiary of The PrivateBank.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/the-privatebank-names-tom-shaner-head-of-new-markets-tax-credit-operations-300338325.html
SOURCE The PrivateBank