Borel CEO Ronald G. Fick to Retire March 1, 2004 SAN MATEO, Calif., Dec. 15 /PRNewswire-FirstCall/ -- Borel Private Bank & Trust Company today announced that CEO Ronald G. Fick will retire effective March 1, 2004. Fick will remain on the board of directors and will continue to participate in shaping the strategic direction of the Bank. Borel's President and COO John Conover will assume responsibility as CEO on March 1, 2004. Fick has spent over forty years in the banking business, most recently serving as President and CEO of Borel, which he co-founded in 1980 following his great-grandfather Antoine Borel's footsteps. At Borel, he has served as Executive Vice President/Senior Trust Officer, Corporate Secretary and CFO and in 1998, became CEO. During Fick's term as CEO, Borel's balance sheet assets increased 75% from $315 million to approximately $550 million and net income increased approximately 37% from $5.4 million to approximately $7.4 million. In addition, Fick enjoyed past distinctions with industry organizations as Director of the California Bankers Association and President of Swiss-American Chamber of Commerce, San Francisco Chapter. Timothy L. Vaill, CEO of Boston Private Financial Holdings, said, "We appreciate the tremendous contributions that Ron has made to Borel since its inception and especially since the Bank joined the Boston Private family in 2001. Although we will miss Ron day-to-day, we will still have his valuable input as a board member. Ron has done an incredible job assuring the continuity of the Bank's management and we have complete confidence in John Conover's talent and skills as leader." Along with his distinguished professional track record, Fick has been active in community service in his hometown of San Mateo, where he received his childhood education and spent most of his banking career. Fick has held significant leadership positions with numerous organizations including: member and past President of the San Mateo Kiwanis Club, member and past Treasurer of the San Mateo County Historical Association, past President and Trustee of the San Mateo City School District Board of Education and Past Chairman of the San Mateo Chamber of Commerce, among others. Fick is presently serving as the Chairman of the Board of Concar Enterprises, Inc and as a Director of Annabelle Candy Company. To balance the rigors of his professional and community responsibilities, Fick owns an antique business and enjoys many outdoorsman pursuits. His love of history was penned by the publishing of his book "San Francisco Is No More", a collection of letters from 1905-1906 authored by his granduncle Antoine Borel, Jr. discussing the San Francisco earthquake and the effects of the disaster on the financial community. "I am proud to have served as CEO of Borel and am pleased to remain active with the bank and the community. Now, I am looking forward to retirement in order to spend more time fly fishing and hunting in Montana," said Fick. "On behalf of the employees of Borel, I thank Ron for his strong leadership and dedicated service. Ron and our team have built a solid foundation for growth and I'm proud to have the opportunity to extend my role within this terrific organization. We look forward to Ron's continued involvement on our board," said John Conover, President and COO of Borel Private Bank. About Borel Private Bank & Trust Company Founded in 1980, Borel Private Bank & Trust Company is a private bank with offices in San Mateo and Palo Alto, California. In November of 2001 the bank was purchased by Boston Private Financial Holdings, (Stock symbol: Nasdaq: BPFH). Borel provides a full complement of private banking, trust, and investment management services tailored to meet the needs of individuals, their families, and their businesses. Its organizational structure is designed to encourage decisive responses and flexible actions in all banking situations. As a lender, Borel specializes in commercial real estate loans, jumbo mortgage loans, construction loans, home equity loans, and business lines of credit. Borel Private Bank & Trust Company offers trust and investment management programs customized to meet each client's individual needs. Borel's commitment to its community is at the core of its success and evident in the active volunteer and philanthropic efforts of the bank and its employees. About Boston Private Financial Holdings Established in 1987, Boston Private Financial Holdings offers a full range of high-touch wealth management services. Boston Private's assets include six operating companies located in New England and California, offering individualized wealth management, financial planning, investment management, and private banking services to its domestic and international clientele. These subsidiaries include: in New England, Boston Private Bank & Trust Company, Westfield Capital Management Company, LLC., RINET Company LLC., Boston Private Value Investors; and in Northern California, Sand Hill Advisors and Borel Private Bank & Trust Company. Boston Private also owns approximately 27% of Coldstream Capital Management, based in Bellevue, Washington, giving the firm its first entree into the Pacific Northwest. As of September 30th, 2003, Boston Private manages approximately $9.4 billion in client assets, and has balance sheet assets of approximately $2.1 billion. It is a member of the Standard & Poor's 600 Index and is included on the Nasdaq Financial-100 Index(R). CONTACT: Kate Rajeck Boston Private Financial Holdings, Inc. 617-912-4380 http://www.bostonprivate.com/ DATASOURCE: Boston Private Financial Holdings CONTACT: Kate Rajeck of Boston Private Financial Holdings, Inc., +1-617- 912-4380 Web site: http:/// http://www.bostonprivatebank.com/

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