Boston Private Bank & Trust Co. recently closed its acquisition of wealth management firm Banyan Partners.

Boston Private’s purchase of the Florida-based Banyan Partners approximately doubles its assets under management to $9 billion from $4.5 billion. Mark Thompson, president and CEO of Boston Private, said that while organic growth is still a priority for his bank, this recent deal broadens the bank’s reach – and is expected to approximately double Boston Private’s wealth management fee income.

Banyan Partners is headquartered in Palm Beach Gardens, Fla., and has other locations in Miami, Naples, Atlanta, Wisconsin, Texas and California.

Banyan’s founder and former CEO Peter J. Raimondi will head up the new wholly owned wealth management subsidiary created in the deal.

While Boston Private has not yet finalized the timing of its brand integration with Banyan, Thompson said he hopes to have Banyan fully assimilated into Boston Private by the end of this year or early next. Thompson additionally believes that Boston Private’s private banking capabilities will complement Banyan’s wealth management services, and he said the bank is looking at bringing that capability on board in Banyan’s Palm Beach Gardens office.

Thompson said, "The overall strategy for our company and our bank, that’s very much to be one of the premiere wealth management and private banking firms in all of our markets and with the more ambitious goal to create a national reach for our company."