First State Bancorp Shareholders Approve Merger with Boston Private Financial Holdings
20 Noviembre 2003 - 3:00PM
PR Newswire (US)
First State Bancorp Shareholders Approve Merger with Boston Private
Financial Holdings GRANADA HILLS, Calif., Nov. 20
/PRNewswire-FirstCall/ -- Boston Private Financial Holdings, Inc.
and First State Bancorp (FSB) (OTC Bulletin Board: FCAL.OB), the
parent company of First State Bank of California, announced today
that FSB's shareholders voted to approve the merger of FSB with
Boston Private at a special meeting of the FSB shareholders held
yesterday. The transaction remains subject to certain other
customary conditions, including regulatory approvals and is
expected to close in January 2004. About Boston Private Financial
Holdings Established in 1987, Boston Private Financial Holdings
offers a full range of high-touch wealth management services.
Boston Private's assets include six operating companies located in
New England and California, offering individualized wealth
management, financial planning, investment management, and private
banking services to its domestic and international clientele. These
subsidiaries include: in New England, Boston Private Bank &
Trust Company, Westfield Capital Management Company, LLC., RINET
Company LLC., Boston Private Value Investors; and in Northern
California, Sand Hill Advisors and Borel Private Bank & Trust
Company. Recently, Boston Private announced the acquisition of
26.9% of Coldstream Capital Management, based in Bellevue,
Washington, giving the firm its first entree into the Pacific
Northwest. Boston Private manages approximately $9.4 billion in
client assets, and has balance sheet assets of approximately $2.1
billion. It is a member of the Standard & Poor's 600 Index and
is included on the Nasdaq Financial-100 Index(R). About First State
Bancorp First State Bancorp is the holding company of First State
Bank of California, a $188 million asset commercial bank situated
in Los Angeles County. Founded in 1983, First State Bank of
California is headquartered in Granada Hills with an office in
Burbank and a loan production office in Rancho Cucamonga,
California. This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, without limitation, (i) statements about the
benefits of the transaction to First State Bancorp or Boston
Private, including future financial and operating results, enhanced
revenues that may be realized from the transaction, the accretive
effect of the transaction on Boston Private's financial results,
and Boston Private's performance goals for First State Bancorp;
(ii) statements with respect to Boston Private's strategy,
initiatives, plans, objectives, expectations, and intentions; (iii)
statements regarding the expected timing of the transaction; (iv)
statements regarding future operations, market position or
prospects of either Boston Private or First State Bancorp; (v)
statements regarding potential product development; and (vi) other
statements identified by words such as "will," "continues,"
"increases," "expand," "grow," "opportunity," "believes,"
"expects," "anticipates," "estimates," "intends," "plans,"
"target," and similar expressions. These statements are based upon
the current beliefs and expectations of Boston Private's management
and are subject to significant risks and uncertainties. Actual
results may differ from those set forth in the forward-looking
statements. The following factors, among others, could cause actual
results to differ materially from the anticipated results or other
expectations expressed in such forward-looking statements: (1) the
risk that the transaction may not be consummated on a timely basis
or at all; (2) the expected benefits to Boston Private's wealth
management initiatives may not be realized or may be realized more
slowly than expected; (3) the risk that the business of First State
Bancorp will not be integrated successfully with Boston Private's
or such integration may be more difficult, time-consuming or costly
than expected; (4) expected revenue and business synergies from the
transaction may not be fully realized or realized within the
expected time frame; (5) the ability to obtain governmental
approvals of the acquisition on the proposed terms and schedule;
(6) competitive pressures among investment management companies may
increase significantly and have an effect on pricing, spending,
product offerings, third-party relationships, revenues and the
Boston Private's and First State Bancorp's abilities to attract and
retain clients; (7) the strength of the United States economy in
general and specifically the strength of the New England,
California, New York and other economies in which Boston Private
and First State Bancorp will be operating may be different than
expected resulting in, among other things, a deterioration in
borrowers' ability to service and repay loans, or a reduced demand
for credit, including the resultant effect on the combined
company's loan portfolio, levels of charge-offs and non- performing
loans and allowance for loan losses, and reduced demand for wealth
management services; and (8) adverse conditions in the stock
market, the public debt market and other capital markets and the
impact of such conditions on the Boston Private's and First State
Bancorp's asset management activities and fees from such
activities. Additional factors that could cause Boston Private's
results to differ materially from those described in the forward-
looking statements can be found in Boston Private's other press
releases and Annual Reports on Form 10-K, Quarterly Reports on Form
10-Q and Current Reports on Form 8-K filed with or furnished to the
Securities and Exchange Commission. All subsequent written and oral
forward-looking statements concerning the proposed transaction or
other matters and attributable to Boston Private, First State
Bancorp or any person acting on their behalf are expressly
qualified in their entirety by the cautionary statements referenced
above. Neither Boston Private nor First State Bancorp undertake any
obligation to update any forward-looking statement to reflect
circumstances or events that occur after the date the
forward-looking statements are made. CONTACT: Walter M. Pressey,
President and CFO Boston Private Financial Holdings, Inc. (617)
912-1921 http://www.bostonprivate.com/ Richard Taylor, President
and CEO First State Bank of California (818) 366-2188
http://www.fsbankcal.com/ DATASOURCE: Boston Private Financial
Holdings CONTACT: Walter M. Pressey, President and CFO of Boston
Private Financial Holdings, Inc., +1-617-912-1921,
http://www.bostonprivate.com/; or Richard Taylor, President and CEO
of First State Bank of California, +1-818-366-2188,
http://www.fsbankcal.com/ Web site:
http://www.bostonprivatebank.com/ http://www.fsbankcal.com/
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