Chicago is My Home

07
Jul

Former LaSalle Executive Norman Bobins Named to PrivateBancorp Board

Author: Adam Fendelman, Category: Business

CHICAGO – PrivateBancorp announced on Monday it has named former LaSalle Bank CEO Norman Bobins to its board of directors as well as chairman of its PrivateBank-Chicago subsidiary.

Bobins retired from LaSalle Bank on Jan. 1, 2008 as was planned following a $21 billion buyout of the bank by Bank of America last fall. Bobins must honor his contract with Bank of America, which prohibits him from recruiting LaSalle customers or employees until Jan. 1, 2009.

PrivateBancorp CEO Larry Richman describes Bobins as a trusted advisor and friend. Richman and Bobins worked closely with each another at LaSalle Bank and Richman briefly replaced Bobins as CEO of LaSalle Bank just before the Bank of America buyout.

“I am honored that he has accepted my invitation to become chairman of PrivateBank-Chicago in addition to his seat on the holding company,” Richman said in a Monday statement. “Our clients, communities, company and our stockholders will benefit from his knowledge, insight and experience.”

Bobins sits on numerous boards including WTTW Communications, The Field Museum in Chicago, the Art Institute of Chicago, the Chicago Board of Education, the Newberry Library and Spertus College.

By Megan O’Neil