CIBC Bank USA
| Company type | Subsidiary |
|---|---|
| Industry | Banking, Financial services |
| Predecessor | The PrivateBank and Trust Company |
| Founded | 1989 |
| Headquarters | Chicago, Illinois , United States |
Area served | United States |
| Parent | Canadian Imperial Bank of Commerce |
CIBC Bank USA is a United States-based commercial bank with its main office located in Chicago, Illinois. Established in 1989 under the name The PrivateBank and Trust Company (operating as The PrivateBank), it was originally a subsidiary of PrivateBancorp Inc.. In June 2017, Toronto-headquartered Canadian Imperial Bank of Commerce (CIBC) completed a US$5 billion purchase, making CIBC Bank USA a part of its operations. This deal represented CIBC's second official entry into the American retail and investment banking arenas. Today, CIBC Bank ranks among the most prominent banking organizations within the country.
History
Incorporated in Delaware in 1989, PrivateBancorp launched its inaugural branch in Chicago by 1991. Negotiations between PrivateBancorp and CIBC commenced in 2013, ultimately resulting in the acquisition finalized in June 2017. Following this, the subsidiary transitioned to CIBC's branding in September 2017.
CIBC Bank USA marks CIBC's renewed engagement with the U.S. commercial banking industry. Previously, CIBC operated CIBC National Bank and Amicus Federal Savings Bank, both initiated in 2000 to offer co-branded banking services for supermarket chains; however, these entities were voluntarily dissolved by 2003. The purchase of PrivateBancorp stands as the largest acquisition undertaken by CIBC, laying the foundation for substantial growth within the U.S. market.
Community partnership
The bank holds naming rights to Chicago’s CIBC Theatre, situated in the city's Loop district, a prominent venue for performing arts. This naming agreement took effect on September 18, 2017, enhancing CIBC Bank USA’s visibility and commitment to community involvement in the local market.