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The Company provides private banking and wealth management services primarily to affluent individuals, professionals, entrepreneurs and their business interests.
With PVTB implementing their new strategic growth model and taking scores of business and top level executives from Chicago Powerhouse LaSalle Bank I see this stock going down in the present and increasingly dramatically in the next few years. I wouldnt be surprised if this stock is well over $60 in 3 years time as the executives that were brought on board from LaSalle grow this bank to become a major player in midwest commercial banking.If you take a look at what these employees were able to do with LaSalle prior to the merger with BOA you will see that they have walked away with most of their high profile commercial clients and are on a path towards certain success in building a new LaSalle at the Private Bank.Despite the fact that they have been posting losses in the present, a simple explanation is the cost of the 100+ executives that have been brought in from LaSalle, as well as the current state of our economy and the "Credit Crunch" that has been effecting almost every bank in the country.
As some backup to my analysis, check out this article: http://www.chicagobusiness.com/cgi-bin/news.pl?id=30041
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