On July 16, 2014, Boston Private Financial Holdings Inc. (NASDAQ: BPFH) and Boston Private Bank & Trust Company announced the acquisition of Banyan Partners, LLC, adding approximately $4.3 billion in assets under management.
On July 16, 2014, Boston Private Bank & Trust Company, a subsidiary of Boston Private Financial Holdings Inc. (NASDAQ: BPFH), announced the acquisition of registered investment advisory firm Banyan Partners, LLC. Boston Private will pay Banyan approximately $60 million in a cash and stock at closing, with the opportunity for additional consideration over a two year earn-out period. The addition of Banyan, which is based in Palm Beach Gardens, Florida, will add approximately $4.3 billion in assets under management, bringing total assets under management to approximately $9 billion. Boston Private Bank, a wealth management, trust and private banking company, will form a new wholly-owned subsidiary to combine its existing wealth management business with Banyan. The transaction, which is subject to regulatory approval and customary closing conditions, is expected to close in the fourth quarter of 2014.
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