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Boston Private Bank & Trust Completes Sale Of Washington Offices
Boston Private Bank & Trust has sold its Seattle, Bellevue and Redmond offices to Spokane, WA-based Sterling Financial Corporation.
Together, the branches have some $276 million in performing loans and $172 million in deposits. Financial details of the transaction were not disclosed.
When the deal was announced at the end of 2012, Clayton Deutsch, chief executive and president of Boston Private Financial Holdings, said the move will allow the firm to concentrate its private banking resources in New England, the San Francisco Bay Area and Southern California - two of the three deepest concentrations of high net worth clients in the US.
Meanwhile, at the end of February, the firm expanded in the San Francisco Bay and Los Angeles areas, unveiling new office plans. The plans encompass two new offices in San Jose and Pasadena, which together will double the size of the bank’s office space in San Francisco, and a new office in Westlake Village.
A Sterling spokesperson previously confirmed to Family Wealth Report that the customers and employees of the three offices sold to Sterling will move to being Sterling Bank customers and employees.
“This acquisition is well-aligned with our strategic focus on the Seattle market,” said Greg Seibly, president and CEO of Sterling.
Meanwhile, in March, Boston Private Bank & Trust made a number of leadership changes, in a move affecting staff in senior management and market leadership roles on both the East and West coasts.