Boston Private Financial Holdings Inc., Boston, has announced its intention to sell substantially all the land and construction loans at its Southern California private banking affiliate, First Private Bank & Trust. The portfolio consists of 72 loans with a book value of approximately $250 million as of June 30, the company said. "While the final sale price has not yet been determined, First Private is expected to take an after-tax loss of between $70 million and $85 million for the quarter ending Sept. 30, 2008, which reflects the current estimate of the price for these assets," Boston Private Financial said.
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