Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Acquisition of Boston Private

On July 1, 2021 we completed the acquisition of Boston Private for approximately $1.2 billion in consideration. Under the terms of the merger agreement each share of Boston Private common stock was converted into the right to receive 0.228 shares of SIVB common stock and $2.10 in cash. For the transaction, we issued approximately 1.9 million shares of SIVB common stock and registered an additional 99,000 shares of SIVB common stock issuable upon the exercise, vesting or settlement of converted legacy Boston Private equity awards.

The acquisition will be accounted for as a business combination. Accordingly, we will begin consolidating Boston Private's financial results in our consolidated financial statements in the third quarter of 2021. We are in the process of performing our valuation of the acquired assets and liabilities. Given the recent date of the acquisition, we have not finalized our determination of the fair value of the assets and liabilities as we continue to gather information to complete our valuations.