Boston Private-Silicon Valley Bank is closing its Los Altos branch on San Antonio Road, a reflection of shifting customer needs.
Bank officials will be shuttering the Los Altos office effective Feb. 15 but plan to maintain an office in Palo Alto.
“We chose not to renew our Los Altos lease as client behavior is changing and many are utilizing our digital capabilities for more routine transactions,” a Boston Private spokesperson, said in an email to the Town Crier last week. “We anticipate an extremely smooth transition for our clients impacted by the consolidation of our Los Altos office into our Palo Alto location, and look forward to continuing to serve the financial services needs of our Peninsula-area clients and community.”
Earlier this year, SVB Financial Group, the parent company of Silicon Valley Bank, announced it had acquired Boston Private Financial Holdings, the parent company of Boston Private Bank, for $900 million. Boston Private assumed ownership of Borel Private Bank & Trust Co. in 2012. Borel opened its Los Altos branch in 2005.
The Los Altos branch is located at 345 S. San Antonio Road. The Palo Alto branch is located downtown at 420 Cowper St.
For more information on Boston Private-Silicon Valley Bank, visit BostonPrivate.com.