Boston Private Shareholders Approve Merger with SVB Financial

Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (“Boston Private”), a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits, today announced that based on proxies submitted to the independent inspector of election for the special meeting of shareholders held today, preliminary voting results indicate that Boston Private shareholders have approved each of the proposals presented at the special meeting, including the company’s merger agreement (the “Merger Agreement”) with SVB Financial Group (NASDAQ: SIVB) (“SVB Financial”), pursuant to which Boston Private will merge with and into SVB Financial.

“We are pleased with the outcome of today’s special meeting and thank our shareholders for their support of the financially and strategically compelling transaction with SVB Financial,” said Anthony DeChellis, Boston Private Chief Executive Officer and President. “We are excited about our progress toward completing the transaction, and believe that the combined company will be well-positioned to provide an enhanced experience for clients and deliver long-term value for shareholders.”

The preliminary voting results are subject to certification by First Coast Results, Inc., the independent inspector of election.

Boston Private will file additional information regarding the results of the special meeting on a Current Report on Form 8-K with the Securities and Exchange Commission.

Under the terms of the Merger Agreement, Boston Private shareholders will receive 0.0228 shares of SVB Financial common stock and $2.10 in cash for each Boston Private share they own.

The transaction is expected to close in mid-2021, subject to the satisfaction of customary closing conditions, including receipt of customary regulatory approvals.

About Boston Private

Boston Private is a leading provider of integrated wealth management, trust and banking services to individuals, families, businesses and nonprofits. For more than 30 years, Boston Private has delivered comprehensive advice coupled with deep technical expertise to help clients simplify their lives and achieve their goals. The firm offers the capabilities of a large institution with the superior service of a boutique firm to clients across the United States. Boston Private is the corporate brand of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH). For more information, visit www.bostonprivate.com.