Boston Private Completes Acquisition of Encino State Bank
01 Octubre 2004 - 6:22PM
PR Newswire (US)
Boston Private Completes Acquisition of Encino State Bank BOSTON,
Oct. 1 /PRNewswire-FirstCall/ -- Boston Private Financial Holdings,
Inc. (NASDAQ:BPFH) today announced that it has completed the
acquisition of Encino State Bank (OTC:FCAL.OB) (BULLETIN BOARD:
FCAL.OB) , a $181 million asset commercial bank located in Southern
California. Founded in 1997, Encino has offices in Santa Monica,
Westlake Village and Encino, California. Upon consummation of the
acquisition, Encino was merged into First State Bank of California,
headquartered in Granada Hills, with First State Bank as the
surviving entity. First State has offices in Burbank and Rancho
Cucamonga, California. Combined, the Bank has over $400 million in
assets. The transaction is valued at $33.1 million, with the
purchase price paid 100% in cash. The Company expects the
transaction to be immediately accretive to GAAP and cash earnings.
Jonathan H. Parker, Boston Private's President - Western Region,
said, "We are committed to expanding our wealth management
enterprise in Southern California, and the addition of Encino State
Bank to First State's franchise gives us a very strong private
banking platform in the Los Angeles area. This acquisition will
allow us to continue to build on the superior services we can
provide to local high net worth clients. Combining the highly
qualified staff and strong banking reputation built by Carl Schatz
at Encino with our capable team at First State, led by Rich Taylor,
will position us well in the region." Richard Taylor, Chief
Executive Officer at First State Bank, said, "Encino is a terrific
banking enterprise and their locations in Encino, Santa Monica and
Westlake Village complement First State's existing footprint in
Southern California. We've realized that our common philosophy of
offering outstanding service, along with our shared vision to
expand the private banking services we offer will allow us to
better serve the private banking needs of our customers. Together,
we are now the anchor for Boston Private's wealth management
platform in the Los Angeles area and we look forward to
contributing to the firm's continued success." Carl O. Schatz,
Chairman and Chief Executive Officer of Encino State Bank, said:
"We are excited to partner together with First State and expand the
breadth of private banking capabilities we have to offer. Our
customers will now have improved access to a full suite of products
and services within the Boston Private family. Boston Private has
one of the best reputations in the wealth management sector and we
look forward to being a part of the greater organization. In turn,
Boston Private and First State are acquiring an excellent bank with
key office locations and great people. We firmly believe our
customers and employees should be very pleased with the prospects
of their future relationships with First State Bank and Boston
Private." About Boston Private Financial Holdings Boston Private
Financial Holdings (NASDAQ:BPFH) is a financial services company
which owns independently-operated affiliates located in key
geographic regions of the U.S. Boston Private's affiliates offer
private banking, wealth advisory and investment management services
to the high net worth marketplace, selected businesses and
institutions. The Company's strategy is to enter new markets
primarily through selected acquisitions, and then expand its wealth
management business by way of organic growth. It makes investments
in mid-size firms in demographically attractive areas, forming
geographic clusters that represent the firm's core competencies.
Boston Private provides continuing assistance to its affiliates
with strategic matters, marketing, compliance and operations. For
more information about Boston Private, visit the Company's web site
at http://www.bostonprivate.com/. 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
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 Encino State
Bank and First State Bank; (ii) statements with respect to Boston
Private's strategy, initiatives, plans, objectives, expectations,
and intentions; (iii) statements regarding future operations,
market position or prospects of either Boston Private, Encino State
Bank or First State Bank; (iv) statements regarding potential
product development; and (v) other statements identified by words
such as "will," "continues," "increases," "expand," "grow,"
"opportunity," "believes," "expects," "anticipates," "estimates,"
"intends," "plan," "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 expected benefits to Boston
Private's wealth management initiatives may not be realized or may
be realized more slowly than expected; (2) the risk that the
business of Encino State Bank will not be integrated successfully
with Boston Private's or such integration may be more difficult,
time-consuming or costly than expected; (3) expected revenue and
business synergies from the transaction may not be fully realized
or realized within the expected time frame; (4) competitive
pressures among banks and investment management companies may
increase significantly and have an effect on pricing, spending,
product offerings, third-party relationships, revenues and Boston
Private's, First State Bank's and Encino State Bank's abilities to
attract and retain clients; (5) 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 its affiliates 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 (6) 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 its
affiliates' 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. Boston Private
does not 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 First
State Bank of California (818) 366-2188 http://www.fsbankcal.com/
DATASOURCE: Boston Private Financial Holdings, Inc. CONTACT: Walter
M. Pressey, President and CFO of Boston Private Financial Holdings,
Inc., +1-617-912-1921; or Richard Taylor of First State Bank of
California, +1-818-366-2188 Web site:
http://www.bostonprivatebank.com/ http://www.fsbankcal.com/
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