Boston Private Financial Holdings Inc. said it plans to sell 1.1 million shares to the Carlyle Group in its second stock offering within days.
The holding company of Boston Private Bank & Trust and Borel Private Bank & Trust said it would raise about $6.3 million from selling the stock to an entity controlled by Carlyle, according to a filing with the Securities and Exchange Commission. As of March 31, the company had about 76.5 million shares outstanding.
It's the second recent share sale announcement for Boston Private, which last week announced plans to sell about $25 million in stock. The deal closed Monday and $28.8 million in stock, or 4.7 million shares, were sold.
Boston Private, which owns wealth- and investment-management firms, last week also redeemed the final $104 million of equity held by the U.S. Treasury Department under the Troubled Asset Relief Program. The company last year unloaded five of 15 subsidiaries to improve a balance sheet stung by write-downs in 2007 and 2008 that were related to California affiliate First Private Bank & Trust. It was hit by loan woes in its home-construction portfolio; the state was among the worst affected by the housing bubble's explosion.
The company said in April its first-quarter profit soared as net interest income increased 12% and provision from loan losses fell significantly.
Shares were up 2% at $6.72 as part of a broad market rally. The stock is up 16% this year, although down 8% in June.