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EX - 99.1 2 d105943 dex991.htm EX - 99.1 Exhibit 99.1 SVB FINANCIAL GROUP TO ACQUIRE BOSTON PRIVATE , A LEADING PROVIDER OF WEALTH MANAGEMENT , TRUST AND BANKING SERVICES Strategic transaction accelerates growth of SVB's existing private bank and wealth management offering Provides the expertise , products and digital experience to become the private bank and wealth management partner of choice for the innovation economy SVB to host conference call with investors today at 2:45 p.m. Pacific Time SANTA CLARA , Calif . and BOSTON JANUARY 4 , 2021 — SVB Financial Group ( " SVB " ) ( NASDAQ : SIVB ) , the parent of Silicon Valley Bank , the bank of the world's most innovative companies and their investors , and Boston Private Financial Holdings , Inc. ( " Boston Private " ) ( NASDAQ : BPFH ) , the parent company of Boston Private Bank & Trust Company , a leading provider of integrated wealth management , trust and banking services to individuals , families , businesses and nonprofits , today announced that they have entered into a definitive merger agreement pursuant to which SVB will acquire Boston Private . Combined private bank and wealth management assets under management would be $ 17.7 billion , based on 9/30/20 figures . Under the terms of the merger agreement , Boston Private shareholders will receive 0.0228 shares of SVB common stock and $ 2.10 of cash for each Boston Private share they own , representing a total consideration value of approximately $ 900 million based on SVB's closing stock price of $ 387.83 on December 31 , 2020 . SVB's vision is to be the premier financial partner for the innovation economy , providing companies , entrepreneurs and their investors the services they need to succeed via four core businesses : commercial banking , investment banking , private banking and wealth management and fund management . The acquisition of Boston Private accelerates SVB's private bank and wealth management offering , strengthening SVB's overall platform and ability to fully meet the financial needs of its clients . " Our clients rely on us to help increase the probability of their success - - both in their business and personal lives , " said Greg Becker , President and CEO of SVB Financial Group . " Boston Private's experienced and well - regarded team , robust service offering , and advanced technology platform will significantly bolster our private bank and wealth management capabilities and enhance our ability to offer products and services tailored to the needs of founders , executives and investors . " Boston Private provides a full spectrum of wealth , trust , and private banking services dedicated to helping clients simplify and strengthen their financial positions . With Boston Private's product suite and recently redesigned technology platform , SVB can expand its existing wealth management solutions , which include complex strategies to manage concentrated stock positions , to add tax planning , trust services , philanthropy and estate planning , while offering a significantly improved digital client experience . Boston Private's clients will benefit from greater access to investment opportunities and participation in the innovation economy , as well as the power of SVB's large balance sheet to support their borrowing needs . " Together , SVB and Boston Private will be well - positioned to grow and scale our business , leveraging SVB's deep client relationships and broad reach across the innovation economy to capture a greater share of the wealth management market , " said Anthony DeChellis , CEO of Boston Private . " We look forward to working together to support our clients as they pursue the goals they have for their businesses , families and legacies . "