Dr. James A.C. King, who has been a Member of the Board since 1978 and Chairman for nearly ten years, will retire following the Bank’s Annual General Meeting (AGM) to be held on 18 April 2007.  Brian Duperreault, who was elected to the Board in 1996 and is currently Co-Vice Chairman, has been elected to take over as Chairman following Dr. King’s retirement.  Mr. Duperreault is well known in Bermuda and the international insurance sector and is Chairman of the Ace Insurance Group. 

Alan Thompson, President & CEO of Butterfield Bank thanked Dr. King for his service, saying, “On behalf of the management team, I would like to thank Dr. King for the strong governance oversight and leadership he has provided.  During his tenure as Chairman, the Bank has grown substantially and provided significant returns to our shareholders.”

Shaun Morris has been nominated by the Board to fill the vacancy created by Dr. King’s retirement.  Mr. Morris is Managing Partner of law firm Appleby Hunter Bailhache’s Bermuda office.  He holds B.A. and M.A. degrees in Economics from Dalhousie University and received his law degree from the London School of Economics.  His nomination to the Bank’s Board will be voted on by shareholders at the AGM.

Roderick A. Ferguson III, who has been a Member of the Board of Directors for 19 years, also announced his retirement to the Board yesterday.

Dr. King thanked Mr. Ferguson, noting, “Rod has provided valued service to the Board and guidance to the management team for nearly two decades.  On behalf of the Board, I extend our sincere appreciation to Rod for his contributions to Butterfield Bank Group.”

The Board has nominated Julian W. Francis to fill the vacancy created by Mr. Ferguson’s retirement.  Mr. Francis was recently Governor of The Central Bank of The Bahamas and has more than 30 years’ experience in international banking.  Mr. Francis holds a B.Sc. and an M.B.A. in Finance from New York University.  Mr. Francis’ nomination will also be voted on by shareholders at the AGM.