Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) today announced that it has filed a registration statement for a proposed underwritten public offering of up to $40 million of its common stock with the Securities and Exchange Commission on Form S-1. The Company intends to use the proceeds from the proposed securities offering for general corporate purposes and to support the redemption of its remaining TARP securities. The Company has received approval from the U.S. Treasury to redeem its Series C Preferred Stock issued to the United States Department of the Treasury pursuant to the TARP Capital Purchase Program.
The SEC Form S-1 registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Goldman Sachs & Co. will be the lead underwriter and Keefe, Bruyette & Woods will be the co-manager for the proposed securities offering.
The offering will be made only by means of a prospectus. An electronic copy of the prospectus is included in the registration statement and available on the web site of the Securities and Exchange Commission at http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000821127, or from Goldman, Sachs & Co. by contacting Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282 or 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 the solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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).
For more information about Boston Private, visit the Company's web site at www.bostonprivate.com.
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.
Contacts:
Boston Private Financial Holdings, Inc.
Catharine Sheehan,
617-912-3767
Senior Vice President, Corporate Communications
csheehan@bostonprivate.com
or
Sloane
& Company
John Hartz, 857-598-4779
jhartz@sloanepr.com