Investing

SVB’s Big Bet on Troubled Private Bank Ends on the Auction Block

Boston Private, bought by SVB in 2021, had longstanding issues
FDIC is accepting bids for SVB Private, due Wednesday night

A Silicon Valley Bank branch in San Francisco — A Silicon Valley Bank branch in San FranciscoPhotographer: David Paul Morris/Bloomberg

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Before it’s here, it’s on the Bloomberg Terminal

By Devon Pendleton and Blake Schmidt

March 22, 2023 at 12:30 PM EDT

This article is for subscribers only.

During one of the greatest periods of wealth creation in history, Boston Private was struggling to grow.

A commercial bank that catered to small businesses and homebuyers across New England, it pushed big into wealth management in the mid-2010s.

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Before it’s here, it’s on the Bloomberg Terminal