The Investment Reporter, in its July 15, 2016, issue, says buy Canadian Imperial Bank of Commerce, recently $98.49. The Reporter said buy 27 times from June 26, 1996, to Dec. 18, 2015, at prices ranging from $32 to $102.33 (the stock split 2 for 1 on March 25, 1997). Assuming an investment of $1,000 for each of the 27 buys, the $27,000 position would now be worth $47,866. The bank is paying $3.8-billion (U.S.) to acquire PrivateBancorp., a Chicago-based middle-market bank. PrivateBancorp has total assets of $17.7-billion (U.S.), which are complemented by private banking and wealth management. Besides Chicago, it has a presence in 11 markets across the United States. The purchase will benefit CIBC in a number of ways. It will give CIBC's clients access to U.S. banking services and reduce the bank's overreliance on the Canadian market. Furthermore, PrivateBancorp can assist wealth manager Atlantic Trust, which CIBC acquired in fiscal 2014. The newsletter is keeping an eye on CIBC's U.S. activities as it lost "a fortune" under former leader John Hunkin. The bank is a buy.