Business

AROUND THE REGION

Boston Private selling Washington branches

Boston Private Financial Holdings Inc. said Monday that it is selling its branches in Washington state to Sterling Financial Corp., of Spokane, Wash., the parent of Sterling Savings Bank.

The deal marks the second time in several years Boston Private, the parent of Boston Private Bank & Trust Co., has pulled out of one of its major markets. Boston Private sold its troubled Florida unit, ­Gibraltar Private Bank & Trust, in 2009.

Advertisement

The sale, due to close in the first half of next year, involves three locations, in ­Seattle, Bellevue, and Redmond, Wash., that have a combined $190 million in deposits and $270 million in gross loans. A sale price is expected to be announced later.

Boston Private Holdings’ chief executive, Clayton G. Deutsch, said the deal will ­allow it to focus its private banking operations in New England, the San Francisco Bay Area, and Southern California.

Get Business Headlines in your inbox:
The Globe's latest business headlines delivered every morning, Monday through Friday.
Thank you for signing up! Sign up for more newsletters here

“This lets us concentrate our resources,” Deutsch said. He said the company had too small a position in the Pacific Northwest.

Boston Private Holdings is a holding company with private banking, investment management, and wealth advisory operations.

Todd Wallack

Todd Wallack can be reached at twallack@globe.com. Follow him on Twitter @twallack.
Loading comments...
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com
Already a subscriber?
Your city. Your stories. Your Globe.
Yours FREE for two weeks.
Enjoy free unlimited access to Globe.com for the next two weeks.
Limited time only - No credit card required!
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.
Thanks & Welcome to Globe.com
You now have unlimited access for the next two weeks.
BostonGlobe.com complimentary digital access has been provided to you, without a subscription, for free starting today and ending in 14 days. After the free trial period, your free BostonGlobe.com digital access will stop immediately unless you sign up for BostonGlobe.com digital subscription. Current print and digital subscribers are not eligible for the free trial.