Exhibit 99.2
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WELCOME
[Bank Name] Has A New Name: Boston Private Bank & Trust Company
Our name may be new, but our mission and client-centered culture will stay the same. This means that, in addition to the distinctive local and personal service you have come to expect from us, you will also have access to a much broader and stronger wealth management and private banking organization with a host of new benefits and services. In particular, this partnership extends our capabilities in areas including residential lending, commercial banking, investment management and trust, and cash management and deposit services. You also gain access to Boston Private affiliated private banking offices in [Pick three: New England, Southern California, San Francisco Bay Area, Pacific Northwest]
A deep partnership with Boston Private has already been in place for years and integration with the Boston Private banking group, a network of client-centered private banking and wealth management organizations, is a natural progression for this relationship. Essentially, this consolidation is a removal of the borders between the banks and the unification of what we have already been doing for some time. Together, we are part of an even stronger company with deep wealth management skills and capabilities. The consolidated Bank has nearly $6 billion of total assets, more than $450 million of capital strength, and over $3.5 billion of client assets under management.
PRO FORMA STATEMENTOF FINANCIAL CONDITION
PRO FORMA CONDENSED BALANCE SHEET
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(Unaudited) ($ In Thousands) | | As of March 31, 2011 | |
Assets | | | | |
Cash and Cash Equivalents | | $ | 351,398 | |
Investment Securities | | | 784,744 | |
Loans Held for Sale | | | 2,833 | |
| |
Commercial Loans | | | 2,318,037 | |
Construction and Land Loans | | | 126,408 | |
Mortgage Loans | | | 1,714,530 | |
Home Equity & Other Loans | | | 296,061 | |
| | | | |
Total Loans | | | 4,455,036 | |
Less: Allowance for Loan Losses | | | 100,282 | |
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Net Loans | | | 4,354,754 | |
Other Assets | | | 268,711 | |
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Total Assets | | $ | 5,762,440 | |
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Liabilities & Equity | | | | |
Demand Deposits | | $ | 1,084,828 | |
NOW Accounts | | | 357,222 | |
Savings & Money Market | | | 2,146,108 | |
Certificates of Deposit | | | 1,045,302 | |
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Total Deposits | | | 4,633,460 | |
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Borrowings | | | 622,092 | |
Other Liabilities | | | 36,918 | |
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Total Liabilities | | | 5,292,470 | |
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Total Equity | | | 469,970 | |
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Total Liabilities & Equity | | $ | 5,762,440 | |
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PRO FORMA CONDENSED STATEMENT OF INCOME
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(Unaudited) ($ In Thousands) | | For the three months ended March 31, 2011 | |
Interest Income | | $ | 57,130 | |
Interest Expense | | | 11,621 | |
| | | | |
Net Interest Income | | | 45,509 | |
Provision for Loan Losses | | | 13,350 | |
| | | | |
Net Interest Income after Provision | | | 32,159 | |
Investment Management and Trust Fees | | | 5,863 | |
Banking Fees and Other Income | | | 2,737 | |
Operating Expenses | | | 38,274 | |
| | | | |
Income Before Income Tax Benefit | | | 2,485 | |
Income Tax Benefit | | | (274 | ) |
| | | | |
Net Income | | $ | 2,759 | |
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SELECTED FINANCIAL DATA
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(Unaudited) ($ In Thousands) | | As of and for the three months ended March 31, 2011 | |
| | | | |
Assets Under Management | | $ | 3,670,000 | |
Return on Average Equity | | | 2.3 | % |
Net Interest Margin (FTE) | | | 3.30 | % |
Allowance for Loan Losses/Total Loans | | | 2.25 | % |
Pro Forma Tier I Capital Ratio | | | 7.77 | % |
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OFFICE LOCATIONS
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New England Boston Office Ten Post Office Square Boston, MA 02109 Phone: (617) 912-1900 Back Bay Office 500 Boylston Street Boston, MA 02116 Phone: (617) 912-4500 Beverly Office 57 Enon Street, Route 1A Beverly, MA 01915 Phone: (978) 922-8000 Brookline Office 1295A Beacon Street Brookline, MA 02446 Phone: (617) 739-0002 Hingham Office 7 Central Street Hingham, MA 02043 Phone: (781) 740-2405 Jamaica Plain Loan Center 401c Centre Street Jamaica Plain, MA 02130 Phone: (617) 524-6050 Kendall Square Office One Cambridge Center Cambridge, MA 02142 Phone: (617) 646-4800 Lexington Office 1666 Massachusetts Avenue Lexington, MA 02420 Phone: (617) 912-3600 | | Newton Centre Office 1223 Centre Street Newton, MA 02459 Phone: (617) 646-4850 Seaport Office 157 Seaport Boulevard Boston, MA 02210 Phone: (617) 646-4880 Wellesley Office 336 Washington Street Wellesley, MA 02481 Phone: (781) 707-7700 Southern California Burbank Office 333 N. Glenoaks Blvd. Burbank, CA 91502 Phone: (818) 842-9191 Encino Office 16000 Ventura Blvd. Encino, CA 91436 Office: (818) 501-1700 Granada Hills Office 10820 Zelzah Avenue Granada Hills, CA 91344 Phone: (818) 832-3800 Santa Monica Office 520 Broadway Santa Monica, CA 90401 Phone: (310) 899-2620 Westlake Village Office 2835 Townsgate Road Westlake Village, CA 91361 Phone: (805) 230-2778 | | San Francisco Bay Area Burlingame 1440 Chapin Avenue Burlingame, CA 94010 Phone: (650) 375-6000 Los Altos 345 S. San Antonio Road Los Altos, CA 94022 Phone: (650) 917-4600 San Francisco 433 California Street San Francisco, CA 94104 Phone: (415) 402-5900 San Mateo 160 Bovet Road San Mateo, CA 94402 Phone: (650) 378-3700 Palo Alto 245 Lytton Avenue Palo Alto, CA 94301 Phone: (650) 463-8700 Pacific Northwest Bellevue 10885 N.E. 4thStreet, Suite 100 Bellevue, WA 98004 Phone: (425) 586-5000 Redmond 7536 164thAvenue NE Redmond, WA 98052 Phone: (425) 882-3535 Seattle 1325 4thAvenue, Suite 1700 Seattle, WA 98101 Phone: (206) 774-5400 |
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As of 5/27/2011 | | | | |
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