PrivateBancorp Inc., Chicago, has agreed to purchase Corley Financial Corp., a Chicago-based mortgage banker.Corley originated $180.0 million in 2003. PrivateBancorp currently outsources its mortgage production to Corley in a business relationship that was established about three years ago. Corley will become The PrivateBank Mortgage Co. after the deal closes and its current owner and chief executive James Brady will remain as a managing director and head the unit. "The Corley acquisition will allow us to better serve our clients and lower our costs in mortgage origination, while adding highly experienced mortgage lenders to our client service teams," said Ralph B. Mandell, PrivateBancorp chairman, president and chief executive.
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