SVB Financial Group has reached an agreement to acquire Boston Private Financial Holdings, located in Boston, for a total of $900 million, payable in both cash and stock.

This acquisition represents a significant step for SVB, a financial institution with a 37-year history of serving startups, venture capital firms, and private equity investors. Boston Private, established in 1987, currently manages approximately $16.3 billion in assets, a substantial figure when contrasted with the $1.4 billion in comparable assets managed by SVB Private Bank.

SVB initiated its wealth advisory services in 2011 and has been actively expanding its presence in wealth management in recent years. A key part of this strategy was the recruitment of Yvette Butler in mid-2018, who previously oversaw wealth strategies at Capital One.

Since joining SVB, Butler has focused on building out the bank’s wealth management division, emphasizing client retention as a primary objective. In a previous statement to Business Insider, she explained her role as centered around maintaining relationships with existing clients—those the bank has already assisted in growing their funds or businesses—and solidifying the bank’s position as a trusted private banking and wealth advisory partner.

Highlighting SVB’s intention to deepen its connections with high-net-worth individuals who already conduct business with the bank, Greg Becker, SVB’s President and CEO, stated in a press release regarding the acquisition: “Our clients depend on us to maximize their chances of success, both professionally and personally.”

Following the merger, Yvette Butler will co-lead the combined private banking and wealth management operations alongside Anthony DeChellis, who has served as Boston Private’s CEO for the past two years. Prior to joining Boston Private, DeChellis briefly held the position of president at OurCrowd, and before that, spent over seven years as CEO of Credit Suisse Private Banking (Americas).

Under the terms of the agreement, Boston Private shareholders will receive 0.0228 shares of SVB common stock and $2.10 in cash for each share they own.

While bank stocks experienced widespread declines in 2020, SVB’s stock has increased by over 60% in the last three years due to its specialization in the technology sector, as reported by the Boston Globe. Conversely, Boston Private’s stock has decreased by 45% over the same period.