Financial Services firm Boston Private Financial Holdings Inc. has sold Florida’s Gibraltar Private Bank & Trust for $93 million, and sold Boston-based wealth advisory firm RINET Co. LLC back to its management team.

Gibraltar was sold to private investors, according to a statement.

The key elements of the Gibraltar Private sale include the following: $93 million in cash proceeds; $1.4 billion reduction in total assets; $50 million reduction of non-performing assets, a 34 percent decline; $91 million reduction in classified loans, a 39 percent decline; and a one-time book loss of approximately $35 million, with a $17 million reduction to tangible capital, the company said.

"This transaction improves our capital position, strengthens our balance sheet and improves our consolidated credit metrics," said Timothy L. Vaill, chairman and CEO of BPFH. "It also increases our liquidity, creating flexibility that opens up a variety of options such as reallocating capital to our strongest performers to drive organic growth, reducing debt, and optimizing our capital structure."

Vaill added: "While Gibraltar has outperformed many of its South Florida peers, the market continues to experience economic stress with a long-term projected recovery. This sale enables BPFH to exit the Florida market while receiving fair value for our investment."

In another sale, Boston-based RINET was sold to its management team. The transaction is not expected to have a material impact on BPFH earnings or its financial position, the company said in a statement.

Brian Rivotto will remain president and CEO of RINET and the firm’s management and personnel will not be changed. RINET will remain headquartered in Boston.