Charter Bank is the latest private wealth and banking operation to be acquired by Boston Private Financial Holdings – a listed holding company that now owns fourteen private wealth firms in seven regions in the US with more than $33 billion in assets under advice. Charter manages $322 million on behalf of professionals and family-owned businesses in the Seattle region - home to companies including Microsoft, Boeing and Starbucks. Boston Private chief executive officer, Timothy Vaill, said on Monday Charter Financial, the bank holding company for Charter Bank, will expand Boston Private’s reach into markets “where high levels of intellectual capital are generating new pockets of affluence” in Seattle and Belleview, Washington. The $70.8 million deal including stock options to acquire Charter will form part of Boston Private’s “Pacific Northwest platform,” Mr Vaill said, when combined with one of Boston’s existing subsidiaries, Coldstream Capital Management, a multi-client family office with locations in Seattle and Portland, Oregon. Boston Private has acquired and maintained private wealth affiliate businesses in New England, California, New York, Boston and Southern Florida. One of those subsidiaries – Anchor Capital Management, Boston – sold a majority stake to the firm for $44 million and $27.3 million in contingent payments this time last year – equivalent to 14 times EBITDA if the firm was able to maintain annual revenue growth of 25 per cent. Boston Private was forced to respond to rumors in the press this week regarding its plans to sell to a rival firm. "We don't have a 'for sale' sign out over here, and our board feels we have a very strong business model, so at the moment we are not looking to be acquired by a bigger partner," Mr Vaill said in a statement.