Boston Private Financial Holdings Inc (BPFH)

[ScovilleUnits]

Boston Private Closes Sale of Westfield Capital

Monday , December 14, 2009 17:20ET

BOSTON--(BUSINESS WIRE)-- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) today announced the closing of an agreement through which the management team of Westfield Capital Management has completed its purchase of Westfield, as outlined in a prior agreement.

As previously disclosed, BPFH has:  
  
     --  Received approximately $59 million in cash up front. 
     --  Improved its TCE/TA ratio by roughly 50 basis points 
     --  Retained a 12.5 percent interest in Westfield revenues for eight years, 
         allowing BPFH to continue to participate in Westfield's future growth, 
         subject to certain caps and floors. 
     --  Booked a one-time pre-tax gain of approximately $45 million.

BPFH Chairman and CEO Timothy L. Vaill said, "This closing marks another important step forward for BPFH as we continue to improve our capital position and focus our resources on our core wealth management partners. The shareholders of BPFH have benefited significantly in the twelve years that Westfield was part of this Company. We are pleased that the structure of the transaction provides us with the opportunity to continue to participate in the growth of this terrific franchise and we wish the management team at Westfield continued success in the future."