Boston Private Financial (BPFH) 8-K Regulation FD Disclosure

Exhibit 99.1

November 2009

Dear Friend:

While many banks in the industry continue to rebuild their capital base, liquidity, earnings, and asset quality, Boston Private Bank & Trust Company has persevered through an economic environment that has challenged not only the banking industry, but also our community. As our solid third-quarter results reflect, the Bank remains strong and stable during uncertain times.

Year to date, our pre-tax earnings are up 5 percent compared to the same period last year, excluding the FDIC’s $1.4 million special insurance assessment. Liquidity remains strong with deposits up 27 percent and net loans up 8 percent. Shareholder equity has increased 12 percent, while the Bank’s return on equity, in excess of 10 percent, represents top decile performance among our Massachusetts peer banks with $1 billion to $10 billion in assets.

The Bank’s commercial lending portfolio has doubled over the last five years – and we continue to lend – while our percentage of criticized and classified loans remains well below industry averages. Although the equity markets have had a tough couple of years, our high client retention rate underscores the importance of providing clients direct access to sound advice and expertise – a hallmark of Boston Private Bank’s client service. Looking ahead, we continue to seek strategic growth opportunities for the Bank, while maintaining our disciplined approach to expenses.

Our parent company, Boston Private Financial Holdings Inc. (BPFH), recently announced the sale of two subsidiaries and a plan of disposition for a third subsidiary as part of ongoing balance sheet strengthening efforts. These transactions will improve BPFH’s capital position, reduce risk across its organization, and create additional liquidity and financial flexibility. The sales will better position BPFH to expand its presence in current markets and invest its resources in its remaining subsidiaries, including Boston Private Bank & Trust Company.

Recognizing that we can do good things in the community while also doing good business, the Bank has integrated its community investment efforts into its overall business philosophy. Over the last 10 years, our Community Investment Program has invested more than $500 million in the community, primarily in the form of loans, and our commitment is ongoing. We’re proud to have earned an “outstanding” Community Reinvestment Act rating from federal and state CRA regulators since 2000.

We’re equally proud of our financial achievements to date, which your business and confidence in the Bank have helped make possible, and we thank you for choosing Boston Private Bank & Trust Company. We are a local financial services firm that aspires to be the Greater Boston area’s premier private bank – and we hope to achieve that status by continually anticipating your changing banking, investment and wealth-management needs, aligning our team of professionals to address those requirements, and forging a long-term partnership with you.

If there is anything we can do to ensure that we continue to earn your trust and confidence, please do not hesitate to contact me directly.

Sincerely,

Mark D. Thompson

STATEMENT OF FINANCIAL CONDITION

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AS OF SEPTEMBER 30, 2009

BOSTON PRIVATE BANK & TRUST COMPANY

Dear Friend,

As our solid third-quarter results reflect, the Bank remains strong and stable during uncertain times.

2009 Third Quarter Financial Highlights:

• Pre-tax earnings, excluding the FDIC’s $1.4 million special insurance assessment, were up 5% compared to the same period last year.

• Liquidity remains strong with deposits up 27% and net loans up 8%.

• Shareholder equity has increased 12%.

• Return on average equity in excess of 10%, represents top decile performance among our Massachusetts peer banks with $1 billion to $10 billion in assets.

If there is anything we can do to ensure that we continue to earn your trust and confidence, please do not hesitate to contact me directly.

Sincerely,

Mark D. Thompson

CEO & President

Boston Private Bank & Trust Company
CONDENSED BALANCE SHEETS
(Unaudited)	September 30,
($ In Thousands)	2009			2008
Assets
Cash & Short-Term Investments	$	158,739		$	23,334
Investment Securities		502,155			617,437
Loans Held for Sale		1,973			1,556
Commercial Loans		1,175,408			1,056,945
Mortgage Loans		1,116,088			1,077,918
Home Equity & Other Loans		96,063			83,461
Total Loans		2,387,559			2,218,324
Less: Allowance for Loan Losses		27,131			25,029
Net Loans		2,360,428			2,193,295
Other Assets		92,437			107,070
Total Assets	$	3,115,732		$	2,942,692
Liabilities & Shareholder’s Equity
Demand deposits	$	453,956		$	304,190
NOW accounts		173,503			130,464
Savings & Money Market		959,755			870,051
Certificates of Deposit		682,912			480,631
Total Deposits		2,270,126			1,785,336
Borrowings		599,278			934,129
Other Liabilities		20,713			21,262
Total Liabilities		2,890,117			2,740,727
Shareholder’s Equity		225,615			201,965
Total Liabilities & Shareholder’s Equity	$	3,115,732		$	2,942,692
Boston Private Bank & Trust Company
CONDENSED STATEMENTS OF INCOME
(Unaudited)	Nine months Ended September 30,
($ In Thousands)	2009			2008
Interest Income	$	101,930		$	108,917
Interest Expense		41,968			52,946
Net Interest Income		59,962			55,971
Provision for Loan Losses		4,048			4,640
Net Interest Income after Provision		55,914			51,331
Investment Management Fees		10,644			12,592
Banking Fees and Other Income		5,941			4,697
Operating Expenses		48,763			44,695
Income Before Income Taxes		23,736			23,925
Income Taxes		6,159			5,148
Net Income	$	17,577		$	18,777
Boston Private Bank & Trust Company
SELECTED FINANCIAL DATA
(Unaudited)	At and for the nine months Ended September 30,
($ In Thousands)	2009			2008
Assets Under Management	$	2,502,888		$	2,669,319
Return on Average Assets		0.78	%		0.86	%
Return on Average Equity		10.48	%		12.84	%
Net Interest Margin (FTE)		2.99	%		2.92	%
Total Fees and Other Income / Revenues		21.67	%		23.60	%
Allowance for Loan Losses/ Total Loans		1.14	%		1.13	%

Policy Group   Mark D. Thompson Chief Executive Officer & President   James C. Brown Executive Vice President Chief Lending Officer   Robert C. Buffum, Jr. Senior Vice President Chief Risk Officer   Gary L. Garber Senior Vice President Chief Information Officer   James D. Henderson Executive Vice President   Pilar Pueyo Senior Vice President   Anne L. Randall Executive Vice President Chief Financial & Administrative Officer   George G. Schwartz Executive Vice President Chief Operating Officer & Treasurer   John J. Sullivan Executive Vice President Board of Directors   Herbert S. Alexander Managing Partner Alexander, Aronson, Finning & Company   John H. Clymer Senior Counsel Nixon Peabody LLP   Eugene S. Colangelo Chairman of the Board Julio Enterprises Chairman of the Board Boston Private Bank &
Trust Company   James D. Dawson Chief Executive Officer, Private Banking Group Boston Private Financial Holdings, Inc.   Kathleen M. Graveline Private Investor   Charles T. Grigsby Consultant   Susan P. Haney Private Investor   E. Christopher Palmer President & Managing Shareholder Palmer and Corbett, PC   John D. Macomber Founder & Chief Executive Officer BuildingVision, Inc.   Patricia McGovern General Counsel & Senior Vice President Beth Israel Deaconess Medical Center   Michael F. Schiavo Consultant   James K. Schmidt Private Investor   Alan D. Solomont Chairman & Chief Executive Officer Solomont Bailis Ventures   Mark D. Thompson Chief Executive Officer & President Boston Private Bank & Trust Company   Timothy L. Vaill Chairman & Chief Executive Officer Boston Private Financial Holdings, Inc.   Office Locations   Headquarters: Boston Office Ten Post Office Square Boston, Massachusetts (617) 912-1900   Wellesley Office 336 Washington Street Wellesley, Massachusetts (781) 707-7700   Back Bay Office 500 Boylston Street Boston, Massachusetts (617) 912-4500   Jamaica Plain Loan Center 401c Centre Street Jamaica Plain, Massachusetts (617) 524-6050   Kendall Square Office One Cambridge Center Cambridge, Massachusetts (617) 646-4800   Newton Centre Office 1223 Centre Street Newton, Massachusetts (617) 646-4850   Seaport Office 157 Seaport Boulevard Boston, Massachusetts (617) 646-4880   Lexington Office 1666 Massachusetts Avenue Lexington, Massachusetts (617) 912-3600   Hingham Office 7 Central Street Hingham, Massachusetts (781) 740-2405   Beverly Office 57 Enon Street, Route 1A Beverly, Massachusetts (978) 922-8000

BOSTON PRIVATE BANK & TRUST COMPANY

Headquarters: Ten Post Office Square  •  Boston, Massachusetts 02109

Telephone: 617-912-1900  •  www.bostonprivatebank.com

Member FDIC  •  Equal Housing Lender