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

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.

It scored a major coup in 2014 with its $60 million purchase of Banyan Partners, a respected adviser with $4.3 billion in client assets, only for the founder to quit after less than two years. Partners of another multi-billion dollar team bought back their stake and departed not long after.

Meanwhile at Silicon Valley Bank, its tech clients were becoming ...