Despite message of reassurance from the White House, investors continued to dump shares in bank stocks Monday morning. Shares of First Republic Bank plunged more than 70 percent even after the bank said it was accessing emergency funding from the Federal Reserve.
More than a year after Boston Private was acquired by the parent company of Silicon Valley Bank, a federal judge in Boston has dismissed a proposed class action lawsuit filed by shareholders.
Silicon Valley Bank is starting to spool up the combined entities’ wealth management business and targeting a total of $23 billion in assets under management by the end of the year.
The first of several acquisitions involving Boston-area banks is now complete, with Boston Private closing its sale to SVB Financial Group, the parent company of California-based Silicon Valley Bank.
With bankers from Silicon Valley coming to Boston following the latest bank merger, someone’s in for a shock.
Greater Boston moved closer yesterday to seeing its first completed bank merger of 2021 when the Federal Reserve Board approved Boston Private’s acquisition by the parent company of Silicon Valley Bank.
As part of its acquisition of Boston Private, the parent of Silicon Valley Bank has proposed a five-year, $11.2 billion community benefits plan that was developed in collaboration with the Massachusetts Affordable Housing Alliance (MAHA) and Massachusetts Association of Community Development Corporations (MACDC).
While an overwhelming majority of the shares involved in Boston Private’s special meeting yesterday voted in favor of the bank’s planned merger with the parent company of Silicon Valley Bank, nearly 20 percent of outstanding shares did not participate, resulting in a close vote.
Boston Private’s shareholders have approved the merger with the parent company of Silicon Valley Bank after the bank delayed the vote for a week to gather more support for the deal.
In a move one of its shareholders called “manipulative tactics,” Boston Private decided to wait another week before holding a vote on the proposed merger with Silicon Valley Bank and adjourned Tuesday morning’s special shareholder meeting without conducting any business.
As HoldCo Asset Management continues its efforts to block Boston Private’s merger with Silicon Valley Bank, three independent proxy advisory firms have recommended that shareholders vote in favor of the deal.
Less than three weeks before the shareholder meeting to decide whether Boston Private goes ahead with its proposed sale to the parent company of Silicon Valley Bank, Boston Private’s board of directors has again responded to an investor’s attempt to stop the transaction.
Boston Private Financial Holdings will hold a vote on its proposed merger with Silicon Valley Bank in late April, and shareholders can expect to receive dueling recommendations on whether the deal should go through.
A New York-based asset manager that recently voiced concerns about the sale of Boston Private to Silicon Valley Bank plans to nominate its own candidates, including its co-founders, to the bank’s board of directors.
The parent company of California-based Silicon Valley Bank is looking at potential growth rather than cost savings in its decision to acquire Boston Private Bank.
While military special operations might bring to mind Navy SEALs and anti-terrorism missions, David Murphy’s military service gave him access to a quieter side of the special operations community and helped him develop a key skill for his work as a wealth manager: listening to clients.
Now that Eastern Bank has become a stock bank, giving up its status as the nation’s oldest and largest mutual bank, the Massachusetts banking landscape could see even more changes in the years ahead.
Some of the same initiatives that banks used to help customers affected by the pandemic – from loan modifications to Paycheck Protection Program loans – could also affect banks’ balance sheets in the coming months.
Even as many banks and housing agencies remain focused on the financial crisis caused by the coronavirus pandemic, two federal bank regulators plan to move forward with changes to the Community Reinvestment Act.
Twelve of Boston’s biggest housing lenders will offer homeowner borrowers in the city three months or more of deferred mortgage payments if they can demonstrate they have been financially impacted by the coronavirus crisis.
