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Boston Private Consolidates Private Banking Affiliates
Boston Private Financial Holdings has completed the consolidation of the company’s four private banks, which operate in the New England, Pacific Northwest, Southern California and Northern California markets, under one unified charter based in Massachusetts.
The newly-consolidated bank will conduct business under the Boston Private Bank & Trust Company name in all markets except for Northern California, which will continue to operate locally as Borel Private Bank & Trust Company, a division of Boston Private Bank & Trust Company.
The consolidated bank has almost $6 billion of total assets, some $450 million of capital strength, and around $3.5 billion of client assets under management, the firm said in a statement.
“This is an important milestone for our company. With one, integrated private bank, we believe we can more fully apply our infrastructure, our professionals and our expertise to enhance our growth, productivity and profitability,” said Clayton Deutsch, chief executive and president of Boston Private Financial Holdings.
The consolidation is supposed to offer “a more robust suite of private banking and wealth management services,” said Deutsch.