Boston Private Financial Holdings Inc. plans to raise up to $40 million of capital to help pay back funds received through the Troubled Asset Relief Program.
The $6 billion-asset company filed a registration statement Friday with the Securities and Exchange Commission for a public offering of common shares.
Boston Private plans to use the proceeds "to strengthen the quality of our capital base," it said in the filing, and to redeem 104,000 shares of preferred stock that it issued to the Treasury Department under the Capital Purchase Program. It received $154 million in Tarp funds in November 2008; it repaid $50 million in January.
