CIBC Bank USA is an American

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

headquartered in

Chicago (''City in a Garden''); I Will , image_map = , map_caption = Interactive Map of Chicago , coordinates = , coordinates_footnotes = , subdivision_type = Country , subdivision_name ...

Illinois Illinois ( ) is a state in the Midwestern United States. Its largest metropolitan areas include the Chicago metropolitan area, and the Metro East section, of Greater St. Louis. Other smaller metropolitan areas include, Peoria and Rockf ...

. 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 a "fictitious" business name. Registering the fictitious name w ...

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

Toronto Toronto ( ; or ) is the capital city of the Canadian province of Ontario. With a recorded population of 2,794,356 in 2021, it is the most populous city in Canada and the fourth most populous city in North America. The city is the anch ...

-based

Canadian Imperial Bank of Commerce The Canadian Imperial Bank of Commerce (CIBC; french: Banque canadienne impériale de commerce) is a Canadian multinational banking and financial services corporation headquartered at CIBC Square in the Financial District of Toronto, Ontario. ...

(CIBC) after a

US$ The United States dollar (symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the official ...

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 (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...

History

PrivateBancorp was incorporated in

Delaware Delaware ( ) is a state in the Mid-Atlantic region of the United States, bordering Maryland to its south and west; Pennsylvania to its north; and New Jersey and the Atlantic Ocean to its east. The state takes its name from the adjacent Del ...

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 in Canada, United Kingdom, United States, Republic of Ireland, Ireland, Australia, New Zealand, Italy, and many other countries. The assets and p ...

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 Loop area of downtown Chicago. It is operated by Broadway In Chicago, part of the Nederlander Organization. Opened in 1906 as the ''Majestic Theatre'', it currently ...

(formerly The PrivateBank 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