Private Bancorp increases 5.35%

Private Bancorp (PVTB) increased 5.35% to $32.43 on 1/22/14 because they completed selling their Norcross branch to Heritage Financial Group. The amounts of the deal were not released, however the selling of the Norcross branch will add to Private Bancorp’s Q1 earnings, which should be about an increase of $.03 per share. Although they will no longer be in Atlanta, Private Bancorp says they will be more invested in their mid-west branches where they believe they will have more success, which is in line with our investment thesis.