Restructuring

On May 27, 2011, the Company completed the legal consolidation of its four private banks, operating in the New England, San Francisco Bay, Southern California and Pacific Northwest markets, under one unified charter based in Massachusetts. Restructuring charges related to the merger generally consist of severance charges, costs to terminate contracts, legal, audit and consulting costs, and other costs. The Company estimates that such charges will result in approximately $8.5 million in restructuring expense, of which $8.1 million was expensed in 2011. The Company expects to complete the restructuring in the first half of 2012. Restructuring expenses incurred by the Private Banking segment amounted to $5.5 million, with the remaining $2.6 million incurred by the Holding Company. The following table summarizes the restructuring activity for the three months ended March 31, 2012 and 2011.



	Severance Charges			Contract Termination Fees		Professional Expenses			Other Associated Costs			Total
	(In thousands)
Accrued charges at December 31, 2010	$	—		$	—	$	—		$	—		$	—
Costs incurred	1,161			—		815			6			1,982
Costs paid	—			—		(143		)	(6		)	(149		)
Accrued charges at March 31, 2011	$	1,161		$	—	$	672		$	—		$	1,833

Accrued charges at December 31, 2011	$	2,658		$	211	$	230		$	—		$	3,099
Costs incurred	(1		)	—		128			8			135
Costs paid	(459		)	—		(254		)	(8		)	(721		)
Accrued charges at March 31, 2012	$	2,198		$	211	$	104		$	—		$	2,513