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Despite the improved performance, PrivateBancorp's president and chief executive Larry Richman cautioned that 2009 will continue to present challenges because of the weak economy. In particular, credit quality will remain a challenge, Richman said in a statement. Credit quality has been a challenge for nearly all banks as unemployment rates continue to rise and customers continue to fall behind on repaying loans.While most banks are still sharply increasing loan-loss provisions, PrivateBancorp's moved only slightly higher in the first quarter. The Chicago-based bank's provision for loan losses increased to $17.8 million, from $17.1 million during the first quarter last year.
