<PAGE>

                                                                     EXHIBIT 4.3


                                                          FEDERAL IDENTIFICATION
                                                          NO. 04-2976299
                                                              ----------


                        THE COMMONWEALTH OF MASSACHUSETTS
                             WILLIAM FRANCIS GALVIN
                          Secretary of the Commonwealth
              One Ashburton Place, Boston, Massachusetts 02108-1512


                              ARTICLES OF AMENDMENT
                    (GENERAL LAWS, CHAPTER 156B, SECTION 72)



We, Walter M. Pressey        , President and  Walter M. Pressey        , Clerk
    -------------------------                 -------------------------
of Boston Private Financial Holdings, Inc.
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                           (EXACT NAME OF CORPORATION)

located at  Ten Post Office Square, Boston, MA  02109
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                (STREET ADDRESS OF CORPORATION IN MASSACHUSETTS)

certify that these Articles of Amendment affecting articles numbered:

3
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          (NUMBER THOSE ARTICLES 1, 2, 3, 4, 5 AND/OR 6 BEING AMENDED)

of the Articles of Organization were duly adopted at a meeting held on
November 19,     2001    , by vote of:
---------------- --------

12,592,533.9851 shares of Common Stock         of 16,582,686 shares outstanding,
---------------           --------------------    ----------
                          (TYPE, CLASS & SERIES, IF ANY)

              shares of                     of          shares outstanding, and
-------------           -------------------    --------
                        (TYPE, CLASS & SERIES, IF ANY)


              shares of                     of          shares outstanding, and
-------------           -------------------    --------
                        (TYPE, CLASS & SERIES, IF ANY)

1**being at least a majority of each type, class or series outstanding and
entitled to vote thereon: / or 2**being at least two-thirds of each type, class
or series outstanding and entitled to vote thereon and of each type, class or
series of stock whose rights are adversely affected thereby:




*DELETE THE INAPPLICABLE WORDS.             **DELETE THE INAPPLICABLE CLAUSE.

1    FOR AMENDMENTS ADOPTED PURSUANT TO CHAPTER 156B, SECTION 70.
2    FOR AMENDMENTS ADOPTED PURSUANT TO CHAPTER 156B, SECTION 71.

NOTE: IF THE SPACE PROVIDED UNDER ANY ARTICLE OR ITEM ON THIS FORM IS
INSUFFICIENT, ADDITIONS SHALL BE SET FORTH ON ONE SIDE ONLY OF SEPARATE 8 1/2 X
11 SHEETS OF PAPER WITH A LEFT MARGIN OF AT LEAST 1 INCH. ADDITIONS TO MORE THAN
ONE ARTICLE MAY BE MADE ON A SINGLE SHEET SO LONG AS EACH ARTICLE REQUIRING EACH
ADDITION IS CLEARLY INDICATED.

<PAGE>


To CHANGE the number of shares and the par value (if any) of any type, class or
series of stock which the corporation is authorized to issue, fill in the
following:

The total PRESENTLY authorized is:

<TABLE>
<CAPTION>
-------------------------------------------------- -------------------------------------------------------------------
            WITHOUT PAR VALUE STOCKS                                     WITH PAR VALUE STOCKS
-------------------------------------------------- -------------------------------------------------------------------
<S>                 <C>                            <C>              <C>                            <C>
TYPE                NUMBER OF SHARES               TYPE             NUMBER OF SHARES               PAR VALUE
------------------- ------------------------------ ---------------- ------------------------------ -------------------
Common:                                            Common:          30,000,000                     $1.00
------------------- ------------------------------ ---------------- ------------------------------ -------------------

------------------- ------------------------------ ---------------- ------------------------------ -------------------
Preferred                                          Preferred:       2,000,000                      $1.00
------------------- ------------------------------ ---------------- ------------------------------ -------------------

------------------- ------------------------------ ---------------- ------------------------------ -------------------
</TABLE>


CHANGE the total authorized to:

<TABLE>
<CAPTION>
-------------------------------------------------- -------------------------------------------------------------------
            WITHOUT PAR VALUE STOCKS                                     WITH PAR VALUE STOCKS
-------------------------------------------------- -------------------------------------------------------------------
<S>                 <C>                            <C>              <C>                            <C>
TYPE                NUMBER OF SHARES               TYPE             NUMBER OF SHARES               PAR VALUE
------------------- ------------------------------ ---------------- ------------------------------ -------------------
Common:                                            Common:          70,000,000                     $1.00
------------------- ------------------------------ ---------------- ------------------------------ -------------------

------------------- ------------------------------ ---------------- ------------------------------ -------------------
Preferred                                          Preferred:       2,000,000                      $1.00
------------------- ------------------------------ ---------------- ------------------------------ -------------------

------------------- ------------------------------ ---------------- ------------------------------ -------------------
</TABLE>


<PAGE>


The foregoing amendment(s) will become effective when these Articles of
Amendment are filed in accordance with General Laws, Chapter 156B, Section 6
unless these articles specify, in accordance with the vote adopting the
amendment, a LATER effective date not more than THIRTY DAYS after such filing,
in which event the amendment will become effective on such later date.



Late effective date: ______________________________ .



SIGNED UNDER THE PENALTIES OF PERJURY, this 19TH day of
                                            ----

NOVEMBER                , 2001  ,
------------------------  ----







/S/ WALTER M. PRESSEY                                        , *President
---------------------
Walter M. Pressey

/S/ WALTER M. PRESSEY                                        , *Clerk
---------------------
Walter M. Pressey

*DELETE THE INAPPLICABLE WORDS.


<PAGE>


                        THE COMMONWEALTH OF MASSACHUSETTS


                              ARTICLES OF AMENDMENT
                    (GENERAL LAWS, CHAPTER 156B, SECTION 72)


                    ========================================


I hereby approve the within Articles of Amendment and, the filing fee in the
amount of $40,000 having been paid, said articles are deemed to have been filed
with me this 20TH day of NOVEMBER , 2001.




EFFECTIVE DATE: NOVEMBER 20, 2001










                             WILLIAM FRANCIS GALVIN
                          SECRETARY OF THE COMMONWEALTH










                         TO BE FILLED IN BY CORPORATION
                      PHOTOCOPY OF DOCUMENT TO BE SENT TO:



Daniel P. Adams, Esq.
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Goodwin Procter LLP
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Exchange Place, Boston, MA  02109
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Telephone: (617) 570-1966
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