The two firms share a similar geographic footprint, providing an opportunity to expand Boston Private’s banking and deposit-taking operations, he added.

Banyan has locations in Boston, New York, Florida, Georgia, Wisconsin, Texas and California.

But Deutsch stressed that managements of the two firms will carefully consider what products, if any, will be sold across the two firms’ platforms.

Banyan could conceivably help Boston Private’s own boutique institutional equity management businesss.

During the financial crisis, Boston Private ran into trouble with real estate lending, particularly land loans. In 2009, Boston Private sold its stake in Sand Hill Global Advisors back to founder Jane Williams. Based in Palo Alto, Calif., Sand Hill manages $1.4 billion.

Boston Private officials also told analysts that Raimondi might be given the green light and the capital to continue to make acquisitions of RIA firms. The plan is to grow wealth management both organically and by acquisition, they said.

However, investors appeared to view the deal with some skepticism as shares of Boston Private Financial Holdings sank more than two percent Wednesday.
 

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