Boston Private Announces Pricing of Public Offering of Common Stock

BOSTON--(BUSINESS WIRE)-- Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) today announced the pricing of a public offering of 4,100,000 shares of its common stock at a price of $6.10 per share, for gross proceeds of approximately $25 million before underwriting discounts and commissions and estimated offering expenses. The Company has granted the underwriters the option to purchase up to an additional 615,000 shares. The offering is expected to close on June 21, 2010. All of the shares were offered by the Company and will be issued under its currently effective registration statement filed with the Securities and Exchange Commission.

The Company intends to utilize the net proceeds from the offering to strengthen the quality of its capital base and to support the redemption of its remaining TARP securities. Goldman, Sachs & Co. acted as the sole bookrunner and Keefe, Bruyette & Woods was the co-manager for the securities offering.

A final prospectus supplement related to the public offering will be filed with the Securities and Exchange Commission. Copies of the final prospectus supplement, when available, may be obtained from Goldman, Sachs & Co. by contacting Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282; by telephone at 1-866-471-2526; or by email at prospectus-ny@ny.email.gs.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement.

Boston Private Financial Holdings

Boston Private Financial Holdings is a national financial services organization comprised of independently operated affiliates located in various regions of the U.S. that offer private banking, wealth advisory and investment management services to the high net worth marketplace, selected businesses and institutions. (NASDAQ: BPFH).

Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target,” and similar expressions. These statements include, among others, statements regarding our strategy, evaluations of future interest rate trends and liquidity, prospects for growth in assets, and prospects for overall results over the long term. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Company's control. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future actions or results. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, adverse conditions in the capital and debt markets and the impact of such conditions on the Company's private banking and investment advisory activities, changes in interest rates, competitive pressures from other financial institutions, a deterioration in general economic conditions on a national basis or in the local markets in which the Company operates, including changes which adversely affect borrowers' ability to service and repay our loans, changes in loan defaults and charge-off rates, adequacy of loan loss reserves, reduction in deposit levels necessitating increased borrowing to fund loans and investments, the passing of adverse government regulation, the risk that goodwill and intangibles recorded in the Company's financial statements will become impaired, and risks related to the identification and implementation of acquisitions, as well as the other risks and uncertainties detailed in the Company's Annual Report on Form 10-K and other filings submitted to the Securities and Exchange Commission. The Company 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:

Boston Private Financial Holdings, Inc.
Jeanne Hess, 617-912-3798
Assistant Vice President, Investor Relations
jhess@bostonprivate.com
or
Sloane & Company
John Hartz, 857-598-4779
jhartz@sloanepr.com

KEYWORDS:   United States  North America  Massachusetts

INDUSTRY KEYWORDS:   Professional Services  Accounting  Banking  Finance

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