Banking and Finance
The opening of the Newport Beach headquarters of Boston Safe Deposit & Trust Co.’s West Coast private banking services in May was a posh affair, replete with food, drink and a string quintet from the Boston Pops Orchestra.
But the recent opening of the firm’s Los Angeles office, the fourth Boston Safe office in the state, was an extravaganza featuring a 66-piece orchestra playing--what else?--Boston Pops tunes as some 700 guests dined and drank in the lobby office downtown.
“It’s going to cost a bunch,” said William O. Gamble, who heads the company’s California operations. He wouldn’t reveal the amount, but it will become part of the expected operating loss from the California unit this year, he said.
Boston Safe is a so-called non-bank bank, which means it cannot offer full banking services. It does not make commercial loans.
Nevertheless, it is the nation’s 20th largest banking concern with $18 billion in assets and $200 billion under management, including $212 million it has picked up in the past 9 months in California. The operations here also have generated $240 million in new mortgages and personal loans.
Compiled by James S. Granelli, Times staff writer
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
