Boston Private Bank & Trust Receives 'Outstanding' CRA Rating; Wealth Management Firm Recognized For Performance In Helping Low-Income Populations.

Business/Technology Editors

BOSTON--(BUSINESS WIRE)--Aug. 21, 2002

Boston Private Bank & Trust Company, a private banking and investment firm targeting high net worth individuals, professional firms and small businesses, today announced that it received an "Outstanding" Community Reinvestment Act (CRA) rating from the Federal Deposit Insurance Corporation (FDIC). The evaluation covered a two-year period stretching from 2000 through mid-2002.

Boston Private joins an elite group comprised of just 10 percent of financial institutions nationwide whom regulators consider to have achieved the highest rating in meeting the needs of low-to-moderate income people and neighborhoods under the congressionally-mandated CRA. CRA rates each bank based on lending practices, service and investments in community development.

"We are extremely proud of this recognition by the FDIC of Boston Private Bank's commitment to the community," said Mark Thompson, president of the bank. "We work hard to address the needs of everyone we serve -- not just the affluent. As we continue to grow, we are committed to increasing that investment."

Boston Private Bank was cited for its home mortgage, community development and small business lending. The bank was also cited for its innovative investments in community economic development efforts. Regulators compared its performance favorably to all banks in its assessment area, including institutions with much larger asset size.

Among the more than $14.6 million in community development loans were a project by Nuestra Comunidad Development Corporation to build new affordable housing in Dorchester, and YouthBuild Boston, which received funding for a childcare, office and retail complex on Dudley Street in Roxbury. Organizations in Cambridge and Newton also received loans, including a homeless women's program and transitional housing for victims of domestic violence.

Also singled out as a key community investment was a $5.6 million Qualified Zone Academy Bond (QZAB) for the Media and Technology Charter High School (MATCH) in the Brighton neighborhood of Boston. This was the first QZAB, a congressional bond allocation to states to finance the renovation of school facilities, issued in Massachusetts.

"Whether we finance small businesses, low-income first time home buyers or affordable housing developments, we offer our expertise and a strong commitment to customer service," said Esther Schlorholtz, senior vice president and CRA officer. "We place a high priority on meeting the needs of our community, and the outstanding CRA rating is an important acknowledgement of our efforts."

CRA, passed by Congress in 1977, is regulated by the federal government and monitors whether or not financial institutions are fulfilling their credit and service responsibilities to lower income people and neighborhoods in a bank's service area. It has been instrumental in ensuring that financial institutions reinvest in their communities.

About Boston Private Bank & Trust Company

With $1.1 billion in assets, Boston Private Bank & Trust Company specializes in providing private banking and investment services to individuals, their families and businesses. The bank's investment management team focuses on mid-to-large cap equity and actively managed fixed income portfolios. It also offers commercial and residential lending services. Additionally, Boston Private Bank & Trust Company offers a First Time Homebuyer Program and "soft second" mortgage financing. Under its Accessible Banking Program, the bank is an active provider of real estate financing for affordable housing, economic development and small businesses. For more information: www.bostonprivatebank.com.