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Fed approves merger

Chris Hamblin, Editor, London, 14 June 2021

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The US Federal Reserve Board has rubber-stamped the application under section 3 Bank Holding Company Act of 1956 by SVB Financial Group of Santa Clara in California to merge with Boston Private Financial Holdings and thereby indirectly acquire its subsidiary, Boston Private Bank & Trust Company.

The Fed also approved the proposals by SVB (Silicon Valley Bank, also of Santa Clara) under section 18(c) Federal Deposit Insurance Act to merge with Boston Private Bank & Trust Company, under section 9 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 same Act and section 208.3(d)(2) of the Fed's Regulation H to change the general character of Silicon Valley Bank's business to engage in trust activities.

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