Boston Private Financial Holdings Inc. has closed its deal to acquire Charter Financial Corp., the Bellevue, Wash., holding company for Charter Bank.
The acquisition, completed Monday, was valued at about $72 million.
Founded in 1998, Charter Bank serves professionals and family-owned businesses in the Puget Sound region of Washington. Last year it had about $294 million of assets, $227 million of deposits, and $3 million of net income.
Over the last five years Charter Bank had compound annual growth rates of about 18% in its assets, 16% in its deposits, and 38% in its net income.
Charter Bank's senior management team will remain in place. Keith B. Jackson will remain its chairman and chief executive officer, Terry A. Peterson will remain its president, Richard Darrow will remain its chief financial officer, and Alan Fulp will remain an executive vice president there.
The bank will join Coldstream Capital Management as part of Boston Private's Pacific Northwest platform. The company also has platforms in New England, Northern California, Southern California, New York, and southern Florida.
