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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
JUNE 12, 2000
BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
(Exact name of registrant as specified in charter)
MASSACHUSETTS 0-17089 04-2976299
(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification no.)
TEN POST OFFICE SQUARE, BOSTON, MASSACHUSETTS 02109
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code:
(617) 912-1900
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ITEM 5. OTHER EVENTS.
On June 12, 2000, Boston Private Financial Holdings, Inc. (the
"Company") announced the acquisition of Sand Hill Advisors, Inc. ("Sand Hill
Advisors"), an 18-year old investment advisory firm catering to the wealth
management market, primarily in Northern California. Sand Hill Advisors, which
is based in Menlo Park, California, will operate as a wholly owned subsidiary of
the Company. Sand Hill Advisors currently has approximately 180 clients and $900
million in assets under management. A little less than half of its assets under
management consist of concentrated or single stock positions. The purchase price
is estimated to be $16 million, which includes the initial and contingent
payments, and will be paid using a combination of cash (70%) and the Company's
common stock (30%). In connection with the transaction, several of the
principals of Sand Hill Advisors will enter into long-term employment agreements
and non-competition/non-solicitation agreements with the Company. The closing of
this acquisition is subject to customary closing conditions for transactions of
this type, including bank regulatory approvals and the receipt of consents from
Sand Hill Advisors' clients.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements of Business Acquired
Not applicable.
(b) Pro Forma Financial Information
Not applicable.
(c) Exhibits
99.1 Press release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BOSTON PRIVATE FINANCIAL HOLDINGS, INC.
Date: June 27, 2000 By: /s/ Walter M. Pressey
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Walter M. Pressey, Executive Vice President
and Chief Financial Officer
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EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION
99.1 Press release
