Larry Richman, former LaSalle Bank chief executive, is expected to join Chicago-based PrivateBancorp today, according to a report in Crain's Chicago Business.

Mr Richman is thought likely to succeed PrivateBancorp co-founder and chief executive Ralph Mandell, who would stay on as chairman.

Mr Richman is the most senior of a number of former LaSalle Bank executives who have been hired by the $4.5 billion-asset Private Bank, which focuses on commercial lending and wealth management for private business owners.

His ascension to the LaSalle chief executive job in March was cut short by Bank of America’s $21 billion acquisition of LaSalle on 1 October. LaSalle had assets in excess of $100 billion.

If a deal with Mr Richman is agreed, PrivateBancorp is expected to launch a campaign to raise at least $100 million in new equity to fund the addition of more commercial customers.