PrivateBancorp to raise $200 mln for TARP repayment
Oct 10 (Reuters) - PrivateBancorp Inc plans to raise about $200 million to repay the bailout funds it received from the U.S. Treasury under the Troubled Asset Relief Program (TARP).
The lender intends to buy back all of the $243.8 million of preferred stock it issued to the Treasury in the aftermath of 2008 financial crisis.
PrivateBancorp will raise $75 million in an underwritten public offering of its common stock and the rest in debt, the company said.
The Chicago-based bank also reported third-quarter earnings that beat analysts' expectations as it set aside less money to cover soured loans.
The company reported net income available to common stockholders of $19.6 million, or 27 cents per share. Analysts expected earnings of 22 cents per share, according to Thomson Reuters I/B/E/S.
Provision for loan losses fell about 59 percent.
PrivateBancorp shares were down about 2 percent in extended trade. They closed at $15.92 on the Nasdaq on Wednesday.
(Reporting by Eileen Anupa Soreng and Avik Das in Bangalore; Editing by Sriraj Kalluvila)
Keywords: PRIVATEBANCORP TARP/