Charter Bank in Bellevue, Wash., is changing its name to better reflect its mission of serving high-net-worth individuals and their businesses.

The $360 million-asset bank announced last week that it is set to become Charter Private Bank.

The new name aligns the company with its parent, Boston Private Holdings Inc. The $6 billion-asset Boston Private bought Charter Bank in March 2007 for $70.8 million in cash and stock.

"We are very excited about the bank's evolution towards private banking," Jim Garvey, Charter's president and chief executive officer, said in a press release.

Boston Private ran into trouble several years ago when First Private Bank and Trust, its affiliate in Encino, Calif., faltered under the weight of a portfolio of home construction loans. Several stock analysts had said First Private's troubles took Boston Private by surprise because the holding company didn't understand that, despite its name, the subsidiary in question was more a commercial lender than a private bank.

Boston Private likes to form local wealth management "clusters" of private banking and wealth or investment management subsidiaries.

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