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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.
The Board of Directors of Boston Private Financial Holdings (NASDAQ: BPFH) has reiterated its support for the merger agreement with SVB Financial Group (NASDAQ: SIVB), emphasizing this transaction as the best opportunity for maximizing shareholder value. The proposed merger offers shareholders $2.10 in cash and 0.0228 shares of SVB common stock, resulting in an implied value of $13.12 per share, reflecting a 56% premium. The Board urges shareholders to vote for the merger at the upcoming April 27, 2021 special meeting, opposing HoldCo's misleading proposals that threaten shareholder value.
The Board of Directors of Boston Private Financial Holdings, Inc. (BPFH) has sent a letter to shareholders urging them to support the merger with SVB Financial Group (SIVB). The merger, valued at $14.67 per share, represents a substantial premium over previous share prices, including a 74% increase from December 31, 2020. The Board emphasizes that this transaction will maximize shareholder value through enhanced market positioning and future growth opportunities. In contrast, they criticize HoldCo Asset Management's opposing proposal as reckless and misleading, lacking credible financial analysis.
Boston Private Financial Holdings (NASDAQ: BPFH) has announced the expansion of its Miami office, more than doubling its space in the Four Seasons Hotel Office Tower. This expansion follows the office's opening in January 2020 and is aimed at accommodating growth and serving high-net-worth clients in the Southeast and Latin America. The firm has hired additional advisors and plans to recruit more. The Miami market has seen an influx of wealthy individuals, accelerated by the pandemic, making it a strategic location for the firm's services.
Boston Private Financial Holdings has introduced the Mentorship and Preparedness Program (MAPP) in collaboration with the University of Chicago Booth School of Business. Exclusively for the children and grandchildren of clients, this six-week virtual program aims to equip young adults with essential financial skills for wealth management. Topics include personal financial planning, investment fundamentals, and generational wealth planning. Upon completion, participants receive a certificate and ongoing mentorship from Boston Private advisors.
Boston Private has been awarded the 2021 Private Asset Management (PAM) Award for Best Private Wealth Manager for Client Service. This recognition reflects the firm’s commitment to exceptional client service, as evidenced by a 17% increase in net promoter score and a 9% rise in clients considering Boston Private their primary financial partner. Additionally, the firm was recognized by Barron’s as one of the 100 Best RIA Firms in America. Boston Private's growth trajectory and focus on personalized service underscore its competitive position in the wealth management sector.
Boston Private Financial Holdings (NASDAQ: BPFH) announced that HoldCo Opportunities Fund III has nominated five candidates for the board of directors ahead of the 2021 annual shareholder meeting. The firm will review this notice in due course. Boston Private is known for its integrated wealth management, trust, and banking services for individuals, families, businesses, and nonprofits across the U.S.
Boston Private Financial Holdings (NASDAQ: BPFH) reported fourth quarter 2020 net income of $25.0 million, an increase from $22.7 million in Q3 2020 and $21.2 million in Q4 2019. The diluted earnings per share rose to $0.30 from $0.28 in Q3 2020. Strong deposit growth and a release from the allowance for loan losses contributed to the positive results, with total deposits reaching $8.35 billion. A merger agreement with SVB Financial Group is set to close in mid-2021, enhancing shareholder value. The board declared a $0.06 cash dividend, payable on February 19, 2021.
HoldCo Asset Management owns approximately 4.9% of Boston Private Financial Holdings (BPFH) shares. They expressed significant concerns regarding BPFH's merger with SVB Financial Group, criticizing the Board for failing to maximize shareholder value through a competitive sale process. Additionally, HoldCo received an unsolicited email from First Foundation's CEO, raising questions about BPFH's negotiation integrity. HoldCo manages over $900 million in assets.
HoldCo Asset Management, owning 4.9% of Boston Private Financial Holdings (BPFH), believes the company's shares are undervalued. Following BPFH's recent merger announcement with SVB Financial Group, HoldCo expressed concerns about the purchase price and the integrity of the acquisition process. They prefer a comprehensive sale to maximize shareholder value rather than a standalone turnaround. HoldCo has reached out to management for further information regarding the acquisition process.
SVB Financial Group (SIVB) announced a definitive merger agreement to acquire Boston Private (BPFH) for approximately $900 million. Under the deal, Boston Private shareholders will receive 0.0228 shares of SVB stock and $2.10 cash for each share owned. This acquisition strengthens SVB’s wealth management capabilities, combining $17.7 billion in private bank and wealth management assets as of September 30, 2020. The merger is set to close in mid-2021, pending regulatory and shareholder approvals.
