Boston Private Announces Proposed Public Offering of Common Stock

BOSTON--(Business Wire)--
Boston Private Financial Holdings, Inc. (NASDAQ: BPFH) (Boston
Private) today announced that it plans to raise approximately $85
million through the sale of shares of its common stock in an
underwritten public offering. Boston Private also plans to grant the
underwriters an option to purchase additional shares of common stock
representing 15% of the gross offering proceeds to cover
over-allotments, if any. All of the shares will be offered by Boston
Private and will be issued under Boston Private's currently effective
shelf registration statement filed with the Securities and Exchange
Commission.

Boston Private intends to utilize the net proceeds from the
offering to strengthen its capital base, including providing future
capital for potential resolution of its classified loans, to provide
growth capital for its affiliates and for general corporate purposes.
Keefe, Bruyette & Woods will act as the sole bookrunner for the
offering. A preliminary prospectus supplement and final prospectus
supplement related to the public offering will be filed with the
Securities and Exchange Commission. Copies of the preliminary
prospectus supplement and final prospectus supplement, when available,
may be obtained from Keefe, Bruyette & Woods at The Equitable
building, 787 Seventh Avenue, 4th floor, New York, NY 10019,
Attention: Prospectus Department, or by calling 1-800-221-3246.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any state. The offering may be made only by means
of a prospectus and related prospectus supplement.

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.

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.
David Kaye, 617-912-3949
Chief Financial Officer
Dkaye@bostonprivate.com
or
Catharine Sheehan, 617-912-3767
Senior Vice President, Corporate Communications
csheehan@bostonprivate.com
or
Sloane & Company
John Hartz, 212-446-1872
jhartz@sloanepr.com

Copyright Business Wire 2008