SVB Financial Group (SIVBQ)

[Enterprising Investor]

HoldCo Asset Management Issues Second Public Letter To Boston Private Financial Holdings (1/05/21)

NEW YORK, Jan. 5, 2021 /PRNewswire/ -- HoldCo Asset Management, LP and its managed funds (collectively, "HoldCo") own 4,049,713 shares of common stock of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) ("BPFH"), representing approximately 4.9% of its outstanding shares.

Earlier today, HoldCo released the following press release outlining significant concerns with BPFH's announced merger with SVB Financial Group including the Board's apparent failure to run a comprehensive, competitive sale process to maximize value for shareholders:

https://www.prnewswire.com/news-releases/holdco-asset-management-expresses-significant-concerns-regarding-svb-financial-groups-proposed-acquisition-of-boston-private-financial-holdings-301200817.html

Subsequently, we received an unsolicited email from Scott Kavanaugh, the Chief Executive Officer of First Foundation Inc. ("FFWM"), a California-based bank that we had identified in our presentation as a logical merger partner for BPFH. The contents of this email raise serious questions regarding the integrity of the process undertaken by BPFH to maximize value for shareholders. A copy of the public letter, which includes a copy of Mr. Kavanaugh's email, can be found at the following link:

http://www.holdcoam.com/wp-content/uploads/Second_Letter_to_BPFH.pdf

About HoldCo Asset Management

HoldCo Asset Management, LP is an investment adviser located in New York City. HoldCo was founded by Vik Ghei and Misha Zaitzeff. HoldCo currently has over $900 million in regulatory assets under management.

https://www.prnewswire.com/news-releases/holdco-asset-management-issues-second-public-letter-to-boston-private-financial-holdings-301201338.html