CIBC Bank USA is an American

commercial bank A commercial bank is a financial institution that accepts deposits from the public and gives loans for the purposes of consumption and investment to make a profit. It can also refer to a bank or a division of a larger bank that deals with whol ...

headquartered in

Chicago Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

Illinois Illinois ( ) is a U.S. state, state in the Midwestern United States, Midwestern United States. It borders on Lake Michigan to its northeast, the Mississippi River to its west, and the Wabash River, Wabash and Ohio River, Ohio rivers to its ...

. Founded in 1989 as The PrivateBank and Trust Company (

doing business as A trade name, trading name, or business name is a pseudonym used by companies that do not operate under their registered company name. The term for this type of alternative name is fictitious business name. Registering the fictitious name with ...

ThePrivateBank), a subsidiary of PrivateBancorp Inc., the company became a subsidiary of the

Toronto Toronto ( , locally pronounced or ) is the List of the largest municipalities in Canada by population, most populous city in Canada. It is the capital city of the Provinces and territories of Canada, Canadian province of Ontario. With a p ...

-based

Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce (CIBC; ) is a Canadian Multinational corporation, multinational banking and financial services corporation headquartered at CIBC Square in the Financial District, Toronto, Financial District of Toronto, Ont ...

(CIBC) after a

US$ The United States dollar (Currency symbol, symbol: Dollar sign, $; ISO 4217, currency code: USD) is the official currency of the United States and International use of the U.S. dollar, several other countries. The Coinage Act of 1792 introdu ...

5 billion acquisition in June 2017. This acquisition marks the Canadian bank's second formal entry into the American retail and investment banking market. CIBC Bank is one of the largest banking institutions in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

History

PrivateBancorp was incorporated in

Delaware Delaware ( ) is a U.S. state, state in the Mid-Atlantic (United States), Mid-Atlantic and South Atlantic states, South Atlantic regions of the United States. It borders Maryland to its south and west, Pennsylvania to its north, New Jersey ...

in 1989, and opened its first office in Chicago in 1991. Discussions between PrivateBancorp and CIBC executives regarding an acquisition began in 2013, with CIBC's acquisition completed in June 2017. The subsidiary adopted CIBC branding in September 2017. CIBC Bank USA is CIBC's second foray into the American commercial banking market. Its previous unsuccessful operations, CIBC National Bank and Amicus Federal Savings Bank, were founded in 2000 to provide co-branded banking services for supermarket chains and both entered

voluntary liquidation Liquidation is the process in accounting by which a Company (law), company is brought to an end. The assets and property of the business are redistributed. When a firm has been liquidated, it is sometimes referred to as :wikt:wind up#Noun, w ...

in 2003. The PrivateBancorp acquisition was the largest in CIBC's history.

Community partnership

CIBC Bank USA holds the naming rights to the

CIBC Theatre CIBC Theatre is a performing arts theater located at 18 West Monroe Street in the Chicago Loop, Loop area of downtown Chicago. It is operated by Broadway In Chicago, part of the Nederlander Organization. Opened in 1906 as the ''Majestic Theatre' ...

(formerly The PrivateBank Theatre, The LaSalle Bank Theatre, and The Bank of America Theatre), a performing arts venue in Chicago's Loop. The theater officially adopted the CIBC branding on September 18, 2017.

References

External links

* {{CIBC American subsidiaries of foreign companies 1989 establishments in Illinois Banks based in Illinois Banks based in Chicago Banks established in 1989 Canadian Imperial Bank of Commerce 1999 initial public offerings 2017 mergers and acquisitions Companies formerly listed on the Nasdaq