Boston Private Financial Holdings Inc. has combined its four banks in New England, California and the Pacific Northwest under a single charter.
The $6 billion-asset company first announced the consolidation plan in January and said then that the move would reduce its workforce by roughly 11% and lower its annual expenses by 8% to 9%.
"With one, integrated private bank, we believe we can more fully apply our infrastructure, our professionals and our expertise to enhance our growth, productivity and profitability," said Clayton G. Deutsch, the holding company's president and chief executive officer, in a news statement last week.
Three of the banks — Boston Private Bank & Trust Co. in Boston, First Private Bank & Trust in Encino, Calif., and Charter Private Bank in Bellevue, Wash., — are now operating under the Boston Private Bank & Trust name. The fourth bank, Borel Private Bank & Trust Co. in San Mateo, Calif., will retain its name, operating as a division of Boston Private.