Canadian Imperial Bank of Commerce (CIBC) is expanding its brand to the U.S., as Chicago-based PrivateBancorp Inc., which CIBC acquired earlier this year, will now adopt the CIBC name.
"The same team our clients have trusted at PrivateBank is now backed by one of the strongest banks in North America with 150 years of providing exceptional client service," says Victor Dodig, president and CEO of Toronto-based CIBC, in a statement.
"As we build our North American platform," he adds, "coming together under the CIBC brand sends a clear message that our clients on both sides of the border have even greater opportunities to help them reach their financial goals."
PrivateBank's 36 branches and commercial banking business development offices will now operate under the CIBC name. Specifically, PrivateBank and Trust Co. will be renamed CIBC Bank USA, PrivateBank Theatre is now the CIBC Theatre and the PrivateBank Fire Pitch is now CIBC Fire Pitch.
"As one CIBC, we will deliver more opportunities to our clients with the power of one of North America's strongest banks behind us," says Larry Richman, senior executive vice president and group head of CIBC U.S. region and president and CEO of CIBC Bank USA.
CIBC completed its acquisition of PrivateBank's former parent company in June. Earlier this month, CIBC completed the acquisition of Chicago-based private wealth-management firm Geneva Advisors.
TD completes Scottrade acquisition
Also Monday, Toronto-Dominion Bank said it has completed the previously announced acquisition of Scottrade Bank, a federal savings bank wholly owned by St. Louis-based Scottrade Financial Services, Inc. for cash consideration equal to approximately US$1.4 billion. Scottrade Bank merged with TD Bank, N.A.
As well, TD Ameritrade Holding Corp. announced the completion of its previously announced acquisition of Scottrade Financial Services, Inc. In connection with the acquisitions, TD has agreed to accept sweep deposits from Scottrade clients and has completed the previously announced acquisition of approximately 11 million shares from TD Ameritrade.
"We are very pleased to complete this transaction, further strengthening our relationship with TD Ameritrade," said Bharat Masrani, group president and CEO, Toronto-Dominion Bank.
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