June 10, 2021
Federal Reserve Board announces approval of the application by SVB Financial Group
For release at 5:00 p.m. EDT
The Federal Reserve Board on Thursday announced its approval of the application under section 3 of the Bank Holding Company Act of 1956 by SVB Financial Group, Santa Clara, California, to merge with Boston Private Financial Holdings, Inc., and thereby indirectly acquire its subsidiary state member bank, Boston Private Bank & Trust Company, both of Boston, Massachusetts.
The Board also approved the proposals by Silicon Valley Bank, Santa Clara, California, under section 18(c) of the Federal Deposit Insurance Act to merge with Boston Private Bank & Trust Company, under section 9 of the Federal Reserve Act to establish and operate branches at the locations of the main office and branches of Boston Private Bank & Trust Company, and under section 9 of the Federal Reserve Act and section 208.3(d)(2) of the Board's Regulation H to change the general character of Silicon Valley Bank's business to engage in trust activities.
Attached is the Board's order relating to this action.
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