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Boston Private Financial Holdings Appoints Stephen M. Waters as Non-Executive Chairman

^{Published on 2010-08-02 13:20:51 - Market Wire}
 

BOSTON--([ BUSINESS WIRE ])--Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) today announced the appointment of Stephen M. Waters as Non-Executive Chairman of the Board of Directors, effective immediately. Mr. Waters has been a BPFH director since 2004 and has served as the Chair of the Finance Committee and Vice Chair of the Compensation Committee. He is currently a partner at Compass Advisers, an independent advisory firm established in 2001, and Chairman of the Board and Chief Executive Officer of Compass Partners and its European Equity Fund, which he founded in 1996.

"I am thrilled that Steve will be our new non-executive chairman"

aAs a Board, we are constantly looking at best practices in corporate governance and see the creation of the non-executive chairmana™s role as an important step forward in this ongoing process,a said Mr. Waters. aIa™m honored to accept the role of non-executive chairman and look forward to working closely with the BPFH board and management team as the Company continues to grow and bring its high level of personal attention and service to wealth management customers around the country.a

aI am thrilled that Steve will be our new non-executive chairman,a said Clay Deutsch, new Chief Executive Officer of BPFH. aSteve is a sophisticated investor and will represent our shareholders extremely effectively. He brings more than three decades of experience in the investment banking, M&A, global capital markets and wealth management arenas. He also has a very sharp business mind and will be a great partner for me. Steve and I have already had multiple discussions about our priorities for the Company, and we are aligned and excited about moving forward.a

Prior to joining Compass Advisers, Mr.Waters spent over twenty years advising corporate and financial entities both in the U.S. and internationally. Mr.Waters served from 1992 to 1996 as Co-Chief Executive Officer of Morgan Stanley Europe and was a member of Morgan Stanleya™s worldwide 12-person Operating Committee. Mr.Waters joined Morgan Stanley as a Managing Director in the Mergers and Acquisitions Department in June1988 and was Co-Director of that department from January1990 to early 1992. Mr.Waters was Co-Director of the Mergers and Acquisition Department at Shearson Lehman Brothers from 1985 to 1988.

He serves as Chairman of the Harvard College Fund and Chairman of the United States Naval Institute. Mr.Waters also serves on the Board of Directors of Valero Energy Corporation and sits on both the audit and finance committees.

Boston Private Financial Holdings, Inc.

Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) is a national financial services organization comprised of affiliates located in key regions of the U.S. that offer private banking, wealth advisory and investment management services to the high net worth marketplace, selected businesses and institutions. The Company enters demographically attractive markets through selective acquisitions and then expands by way of organic growth. It employs a distinct business strategy, empowering its affiliates to serve their clients at the local level, while at the same time providing strategic oversight and access to resources, both financial and intellectual, to support management, compliance and risk management, legal, marketing, and operations.

For more information about BPFH, visit the Company's website at [ www.bostonprivate.com ].

Note to Editors:

Boston Private Financial Holdings, Inc. is not to be confused with Boston Private Bank & Trust Company. Boston Private Bank & Trust Company is an independently operated and wholly-owned subsidiary of BPFH. The information reported in this press release is related to the performance and results of BPFH.

Statements in this press release that are not historical facts are forward-looking statements within the meaning of Section27A of the Securities Act of 1933, as amended, and Section21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties. These statements, which are based on certain assumptions and describe our future plans, strategies and expectations, include, among others, statements regarding our strategy, effectiveness of our investment programs, and evaluations of future interest rate trends and liquidity, expectations as to growth in assets, deposits and results of operations, receipt of regulatory approval for pending acquisitions, success of acquisitions, future operations, market position, financial position, and prospects, plans and objectives of management. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Companya™s control. Forward-looking statements are based on the current assumptions and beliefs of management and are only expectations of future results. The Companya™s actual results could differ materially from those projected in the forward-looking statements as a result of, among other factors, adverse conditions in the capital and debt markets and the impact of such conditions on the Companya™s private banking, investment management and wealth advisory activities; changes in interest rates; competitive pressures from other financial institutions; the effects of a continuing deterioration in general economic conditions on a national basis or in the local markets in which the Company operates, including changes which adversely affect borrowersa™ ability to service and repay our loans; changes in the value of the securities in our investment portfolio, changes in loan defaults and charge-off rates; the adequacy of loan loss reserves; reductions in deposit levels necessitating increased borrowing to fund loans and investments; increasing government regulation, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the risk that goodwill and intangibles recorded in the Companya™s financial statements will become impaired; and risks related to the identification and implementation of acquisitions; and changes in assumptions used in making such forward looking statements, as well as the other risks and uncertainties detailed in the Companya™s Annual Report on Form 10-K, as updated by the Companya™s Quarterly Reports on Form 10-Q; and other filings submitted to the Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.