Experienced Banking Industry Veteran Joins Boston Private’s
Southern California Subsidiary
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) today announced
the appointment of V. Charles Jackson as chief executive officer of
Boston Private’s Los Angeles-based affiliate,
First Private Bank & Trust. Mr. Jackson is replacing First Private
interim CEO James D. Dawson. As CEO of Boston Private Financial Holdings’
private banking business segment, Mr. Dawson will also continue to serve
on the First Private board of directors.
“Charlie will be a strong leader for First
Private as we build on the bank’s strengths
while navigating the economic crisis that has hit Southern California so
hard,” said James Dawson. “He
brings decades of experience in all types of economic environments, an
exceptional working knowledge of the current economic climate in
Southern California and a stellar track record of success in the banking
industry. His integrity and ethics make him an excellent fit for First
Private. Moreover, his sound judgment and strategic vision will serve
First Private well as it completes the resolution of its loan portfolio
challenges and focuses on future growth by providing high-quality
private banking services to the Southern California market.”
During a banking industry career spanning more than thirty years, Mr.
Jackson has held senior executive positions with large financial
institutions, wealth managers and community banks. Prior to joining
First Private, Mr. Jackson was CEO of Security Pacific Bancorp, based in
Los Angeles. The Security Pacific board of directors recruited Mr.
Jackson to lead a major corporate restructuring that would enable the
bank to compete in the increasingly difficult banking environment in
Southern California.
Previously, Mr. Jackson was president and CEO of Community Bank, based
in Pasadena, CA, where he focused on accelerating the bank’s
growth while achieving superior credit quality in its loan portfolio.
Under Mr. Jackson’s leadership, Community
Bank grew significantly in terms of total assets, net income, total
deposits, and a variety of other measures over a four year timeframe.
The structure and credit processes that Mr. Jackson helped put in place
at Community Bank made the bank more competitive and resulted in
increased high-quality loan volume. Earlier in his career, Mr. Jackson
held senior executive positions with Lipper & Co., Mellon Bank and Chase
Manhattan Bank.
"I am very excited about the opportunity to join First Private," said
Mr. Jackson. "There are excellent immediate and long-term prospects in
the Southern California marketplace for the kind of personalized,
relationship-centered private banking services that First Private
offers. Working together with the exceptional talent we have in place
throughout the bank, we will focus on continuing to provide outstanding
service to our customers and realizing additional opportunities for
growth.”
Mr. Dawson concluded, “With his history of
prudent and responsible financial and credit quality management, Charlie
is a valuable addition to the private banking segment of the Boston
Private family. Together with Ed Fix, First Private’s
new chief credit officer, and James Shulman, chief credit officer for
Boston Private, Charlie will further enhance our credit strength across
the entire organization. I look forward to working closely with Charlie
to develop strategies that will continue to improve First Private’s
risk management and credit quality policies while identifying new
opportunities for growth.”
Mr. Jackson holds a B.S. in Foreign Service from Georgetown University
and an MBA in International Business from George Washington University.
Boston Private Wealth Management Group
Boston Private Wealth Management Group is a national financial service
organization comprised of independently operated 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 a very selective acquisition process and then
expands by way of organic growth. It employs a distinct business
strategy, empowering its affiliates to run independently such that they
can best 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, legal, marketing,
and operations. (NASDAQ: BPFH).
For more information about Boston Private, visit the Company's web site
at www.bostonprivate.com.
Statements in this press release that are not historical facts are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E 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 include, among others, statements regarding our
strategy, evaluations of future interest rate trends and liquidity,
prospects for growth in assets, and prospects for overall results over
the long term. 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 Boston Private’s control.
Forward-looking statements are based on the current assumptions and
beliefs of management and are only expectations of future results.
Boston Private’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 Boston Private’s
private banking and asset investment advisory activities, changes in
interest rates, competitive pressures from other financial institutions,
a deterioration in general economic conditions on a national basis or in
the local markets in which Boston Private operates, including changes
which adversely affect borrowers’ ability to
service and repay our loans, changes in loan defaults and charge-off
rates, adequacy of loan loss reserves, reduction in deposit levels
necessitating increased borrowing to fund loans and investments, the
passing of adverse government regulation, the risk that goodwill and
intangibles recorded in Boston Private’s
financial statements will become impaired, and risks related to the
identification and implementation of acquisitions, as well as the other
risks and uncertainties detailed in Boston Private's Annual Report on
Form 10-K and other filings submitted to the Securities and Exchange
Commission. Boston Private 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.
Boston Private Financial Holdings, Inc.
Catharine Sheehan,
617-912-3767
Senior Vice President, Corporate Communications
csheehan@bostonprivate.com
or
Sloane
& Company
John Hartz, 212-446-1872
jhartz@sloanepr.com
