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Boston Private Financial Holdings Inc. (NASDAQ: BPFH) was a Massachusetts-based financial holding company that specialized in wealth management, private banking, and trust services for high-net-worth clients. The company operated through affiliated firms in key markets including Boston, New York, Los Angeles, and San Francisco, providing personalized financial solutions to affluent individuals, families, and institutions.
Boston Private no longer operates as an independent publicly traded entity. The company was acquired by SVB Financial Group, the parent of Silicon Valley Bank, through a merger transaction. Following the acquisition, Boston Private's banking operations were merged into Silicon Valley Bank, while its wealth management and trust services continued under the Boston Private brand as part of SVB's private banking platform.
Subsequently, Silicon Valley Bank failed during a banking crisis and was placed into FDIC receivership. First Citizens BancShares acquired substantially all of Silicon Valley Bank's deposits and loans, including the operations that had been part of Boston Private. The wealth management services that originated with Boston Private now operate as part of First Citizens Wealth, a division of First Citizens Bank. Former Boston Private clients and operations were integrated into the First Citizens organization.
During its history as an independent company, Boston Private built a reputation for serving the complex financial needs of wealthy clients through integrated banking, investment management, and trust services. The company's business model emphasized long-term client relationships, local market knowledge, and sophisticated financial planning capabilities. Its affiliate structure allowed the firm to combine boutique-style personalized service with the resources and product offerings of a larger financial institution.
Boston Private has released its 2021 “Why of Wealth” study, which explores generational perceptions of wealth, particularly how they were affected by the Covid-19 pandemic. The study, based on responses from 400 high-net-worth individuals, reveals that Millennials prioritize happiness and success in their wealth definitions, with 89% stating the pandemic shifted their views. In contrast, Baby Boomers value financial security and independence. Notably, 52% of all respondents reported improved philanthropic commitments and savings levels.
SVB Financial Group (NASDAQ: SIVB) announced a proposed $11.2 billion community benefits plan aimed at supporting low- and moderate-income (LMI) communities in California and Massachusetts over five years (2022-2026). This initiative includes $5 billion in small business loans, $4.8 billion in community development loans, and $1.3 billion in residential mortgages, among other contributions. The plan aligns with SVB's pending acquisition of Boston Private Financial Holdings (NASDAQ: BPFH), expected to close mid-2021, pending regulatory approvals.
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) announced that shareholders approved the merger agreement with SVB Financial Group (NASDAQ: SIVB) during a special meeting. The merger will allow Boston Private shareholders to receive 0.0228 shares of SVB Financial common stock and $2.10 in cash per share. Boston Private's CEO expressed optimism about the merger, anticipating enhanced client experiences and long-term value for shareholders. The transaction is expected to close in mid-2021, pending customary regulatory approvals.
SVB Financial Group (NASDAQ: SIVB) reaffirms its commitment to the merger with Boston Private Financial Holdings (NASDAQ: BPFH). The firm has made it clear that it will not increase the purchase price, even if the merger is not approved by Boston Private's shareholders. This decision comes in response to HoldCo Asset Management's inquiry. The merger aims to streamline operations and enhance service offerings in key sectors such as technology and healthcare.
On April 27, 2021, Boston Private Financial Holdings adjourned its special meeting of shareholders until May 4, 2021 to gather more votes for the merger with SVB Financial Group. SVB confirmed that it will maintain its purchase price, regardless of the vote outcome.
This merger, pending shareholder approval, is significant for both companies as SVB aims to enhance its offerings in the commercial and private banking sectors.
Boston Private Financial Holdings adjourned its special shareholder meeting until May 4, 2021, to gather more votes for the merger with SVB Financial Group. SVB confirmed it will not raise the proposed purchase price, emphasizing the importance of shareholder approval for the deal to proceed. This merger aims to enhance service offerings across sectors including technology and life sciences. Shareholders are encouraged to review the merger documents filed with the SEC for important details.
Boston Private Financial Holdings (NASDAQ: BPFH) has adjourned its special shareholder meeting, originally set for April 27, 2021, to May 4, 2021. This delay is aimed at garnering more proxy votes for its merger with SVB Financial Group. So far, the majority of votes cast favor the transaction. The reconvened meeting will be held virtually. Shareholders can submit questions or request proxy materials through Innisfree M&A.
Boston Private Financial Holdings reported a net income of $10.7 million for Q1 2021, down from $25.0 million in Q4 2020 and up from $0.8 million YoY. Diluted earnings per share fell to $0.13 from $0.30 in Q4 2020. The decline was influenced by transaction costs related to its pending merger with SVB Financial Group, totaling $10.7 million. However, the company experienced strong deposit growth and reported a total of $17.2 billion in assets under management, a 1% increase linked quarter. Noninterest expenses rose to $75.9 million indicating a 31% quarterly increase.
