Oct 10 (Reuters) - PrivateBancorp Inc plans toraise about $200 million to repay the bailout funds it receivedfrom the U.S. Treasury under the Troubled Asset Relief Program(TARP).
The lender intends to buy back all of the $243.8 million ofpreferred stock it issued to the Treasury in the aftermath of2008 financial crisis.
PrivateBancorp will raise $75 million in an underwrittenpublic offering of its common stock and the rest in debt, thecompany said.
The Chicago-based bank also reported third-quarter earningsthat beat analysts' expectations as it set aside less money tocover soured loans.
The company reported net income available to commonstockholders of $19.6 million, or 27 cents per share. Analystsexpected earnings of 22 cents per share, according to ThomsonReuters I/B/E/S.
Provision for loan losses fell about 59 percent.
PrivateBancorp shares were down about 2 percent in extendedtrade. 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/