BOSTON, Oct. 2, 2014 /PRNewswire/ -- Boston Private
Bank & Trust Company (the "Bank"), a premier wealth management,
trust and private banking company owned by Boston Private Financial
Holdings, Inc. ("BPFH"), completed the previously announced
purchase of substantially all of the assets of Banyan Partners, LLC
("Banyan"). The Bank previously announced the purchase of
Banyan on July 16, 2014.
Banyan is a leading independent registered investment advisory
firm. Banyan Partners has over $4.5
billion in client assets, and is headquartered in
Palm Beach Gardens, Florida with
locations in Boston, Miami, Naples, Atlanta, Wisconsin, Texas and California.
The acquisition of Banyan is part of the Bank's strategy to
extend the reach of its wealth management business and to
accelerate the development of Boston Private Bank's wealth
management offering. The Bank is combining its existing
wealth management business with that of Banyan to create a new,
wholly owned wealth management subsidiary of the Bank. This
new subsidiary will be headed by industry veteran and Banyan's
founder and former CEO Peter J.
Raimondi. The combined wealth management business will
have approximately $9 billion in
assets under management and advisement and will be headquartered in
Boston with offices in 7 key
regions, including New England, Northern and Southern California, Florida, Texas and Wisconsin.
Mark D. Thompson, the Bank's CEO
and President, said the acquisition solidifies Boston Private
Bank's position as a world-class wealth management company. "This
is an exciting time for the Bank. Adding Banyan's technical
expertise and financial acumen creates an innovative and
contemporary wealth management and private banking platform. This
is vital for our clients who rely on us through all stages of
wealth creation, management and growth. Our coordinated expertise
and personal approach make us distinct in the market and extend our
ability to provide the guidance our clients need as
they prepare for generational asset transfers, start their
next venture, lead a family foundation or face other complex
financial needs."
Mr. Raimondi, CEO of the combined wealth management company, who
has deep roots in Boston, said
"This union with Boston Private Bank enhances our ability to
deliver truly personal and sophisticated financial services to a
market that is consistently underserved by a wide range of
competitors. We will leverage our core beliefs about wealth
management, client protection and high touch client service with
technical depth from our expanding team of proven
professionals."
Clayton G. Deutsch, CEO of BPFH,
said, "We are committed to delivering distinctive wealth management
services to clients with whom we have built trusted relationships.
As the financial world becomes more complex, we must also deliver
unrivaled technical expertise. Putting Banyan Partners' team
together with our team creates an extremely strong and capable
wealth management firm. I am excited about what this
combination will do for our clients and our professionals. We're
thrilled this acquisition is now complete, and we can move forward
to deliver greater value to our clients and shareholders across the
country."
Inducement Awards Under Nasdaq Marketplace Rule
5635(c)(4)
In connection with the Banyan acquisition, BPFH will award
637,806 shares of restricted BPFH common stock to 22 Banyan
employees who, following the acquisition, will become employees of
BP Wealth Management, LLC, the wholly owned subsidiary of the Bank,
in order to induce such individuals to commence employment with the
new entity. 99,657 of such shares of restricted stock will be
awarded to Peter Raimondi, Banyan's
former Chief Executive Officer, who became the President and Chief
Executive Officer of BP Wealth Management effective October 2, 2014. The awards are to be made
under the Boston Private Financial Holdings, Inc. 2010 Inducement
Stock Plan, as amended, and will be subject to the terms and
conditions of this plan.
These awards will be granted on October
2, 2014, and are approved by the Compensation and Corporate
Governance Committee of the BPFH Board of Directors, subject to the
closing of the acquisition and each individual's commencement of
employment with the new subsidiary. The awards vest on the
third anniversary of the grant date, subject to the individual's
continued employment through such date, and may be subject to
accelerated vesting in certain circumstances to the extent provided
in an award recipient's employment or service agreement.
About Boston Private Bank & Trust Company
Boston
Private Bank & Trust Company is a leading provider of fully
integrated wealth management, trust and private banking services.
For more than 25 years, Boston Private Bank has taken a highly
personalized approach to serving the complex financial needs of
individuals, families, business owners, private partnerships,
nonprofits and community partners. The Bank is also an active
provider of financing for affordable housing, first-time
homebuyers, economic development, social services, community
revitalization and small businesses. Headquartered in Boston, the Bank has 25 offices in
Boston, San Francisco, San
Jose and Los Angeles. For
further information, visit www.bostonprivatebank.com.
About Banyan Partners LLC
Banyan Partners, LLC is a
leading national, independent wealth management and registered
investment adviser headquartered in Palm
Beach Gardens, Florida. Prior to the closing of the
transaction, the firm had approximately $4.5
billion in assets under management and eight offices located
throughout the U.S. Banyan offers objective, thoughtful advice, and
custom solutions for ultra-high-net worth and high-net-worth
families, family offices, foundations, and institutions. For more
information, visit http://www.BanyanPartners.net.
About Boston Private Financial Holdings, Inc.
Boston
Private Financial Holdings, Inc. is a national financial services
organization that owns Wealth Management and Private Banking
affiliates in Boston, New York, Los
Angeles and the San Francisco Bay
Area. The Company has a $6
billion Private Banking balance sheet, and manages over
$25 billion of client assets.
The Company positions its affiliates to serve the high net worth
marketplace with high quality products and services of unique
appeal to private clients. The Company also provides strategic
oversight and access to resources, both financial and intellectual,
to support affiliate management, marketing, compliance and legal
activities. (NASDAQ: BPFH)
For more information about BPFH, visit the Company's website at
www.bostonprivate.com.
Forward-Looking Statements
Certain statements in this press release that are not historical
facts may constitute forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and
are intended to be covered by the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve risks and uncertainties. These statements
include, among others, statements regarding our strategy, prospects
for growth in assets, and prospects for overall results over the
long term. You should not place undue reliance on our
forward-looking statements. You should exercise caution in
interpreting and relying on forward-looking statements because they
are subject to significant risks, uncertainties and other factors
which are, in some cases, beyond BPFH's control. Forward-looking
statements are based on the current assumptions and beliefs of
management and are only expectations of future results. BPFH's
actual results could differ materially from those projected in the
forward-looking statements as a result of, among other factors,
adverse conditions in the capital and debt markets and the impact
of such conditions on BPFH's private banking, investment management
and wealth advisory activities; changes in interest rates;
competitive pressures from other financial institutions; the
effects of continued weakness in general economic conditions on a
national basis or in the local markets in which BPFH operates;
increasing government regulation; risks related to the
identification and implementation of acquisitions, dispositions and
restructurings; changes in assumptions used in making such
forward-looking statements; and the other risks and uncertainties
detailed in the Company's Annual Report on Form 10-K and updated by
BPFH's Quarterly Reports on Form 10-Q and other filings submitted
to the Securities and Exchange Commission. Forward-looking
statements speak only as of the date on which they are made. BPFH
does not undertake any obligation to update any forward-looking
statement to reflect circumstances or events that occur after the
date the forward-looking statements are made.
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SOURCE Boston Private Financial Holdings, Inc.