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CIBC Bank USA is an American commercial bank headquartered in Chicago, Illinois.Founded in 1989 as The PrivateBank and Trust Company (doing business as The PrivateBank), a subsidiary of PrivateBancorp Inc., the company became a subsidiary of the Toronto-based Canadian Imperial Bank of Commerce (CIBC) after a US$5 billion acquisition in June 2017. [2]
CIBC announced in June 2016 that it would acquire the Chicago-based commercial bank PrivateBancorp for US$3.8 billion. [25] The sale completed in June 2017 and in August PrivateBank announced it would rebrand itself as CIBC Bank USA. [26] Construction for CIBC's new headquarters, CIBC Square in Toronto, September 2018.
Analysts also pointed out that Canadian banks have much stronger balance sheets today than they did 10 or 15 years ago, putting them in an even better position to be aggressive. [37] In October 2007, TD purchased Commerce Bancorp, a medium-sized US bank with a strong branch network in the Mid-Atlantic states and Florida.
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CIBC Capital Markets reached a peak in 1999 and 2000, when the investment bank cracked the top ten of U.S. issuers of high yield bonds and the top twenty in mergers and acquisitions advisory. In 1999, CIBC Capital Markets backed Gary Winnick and his company Global Crossing to build optical fiber cable connections under the ocean. [12]
In a merger of co-owned banks, the LaSalle Bank N.A. name was adopted in 1999. It was the largest bank headquartered in Chicago with US$72.2 billion in assets and US$46.8 billion in deposits. LaSalle Bank maintained 146 retail locations and 450 ATMs throughout Chicago and its neighboring suburbs.
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CIBC Mellon was founded in 1996 after CIBC joined with Mellon Financial Corporation in a 50-50 joint venture named CIBC Mellon Global Securities Services (CMGSS). [6] The following year, 1997, CIBC purchased a 50% stake in The R-M Trust Company from Mellon, which would become CMGSS's sister company, CIBC Mellon Trust Company (CMTC). [7]