CIBC and PrivateBancorp announced an ammended merger agreement Thursday following unanimous support from both lenders’ boards.

PrivateBancorp stockholders will receive, upon completion of the proposed merger with CIBC, US$24.20 in cash and 0.4176 of a CIBC common share for each share of common stock of PrivateBancorp held.

"For CIBC stockholders, completing this acquisition accelerates our strategy of building a strong, innovative and client-focused bank,” said Victor G. Dodig, CIBC President and Chief Executive Officer. “The transaction will create opportunities for CIBC to bank across borders for our Canadian clients, offer more services to our existing U.S. clients and expand PrivateBancorp's client relationships.

The deal is expected to close in the second quarter of 2017.

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