Bad news. They are buying out US bank PrivateBancorp PVTB for 47 per share. This is a terrible deal for CM on multiple fronts. First off PVTB is a very mediocre bank. Secondly they are paying a ridiculously huge premium in a terrible stock market and terrible market for banks. Thirdly they are paying way too much, with scores of great banks selling at single digit P/Es, they are paying 20 times earnings. Needless to say this is going to be dilutive for years to come. Even CM admitted it won’t be accretive until 2020 which effectively means never. What a rotten deal. Fortunately CM is 10 times the size of PVTB so it won’t hurt too much but will hurt CM.