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Bank of Butterfield Appoints New Director

Hamilton, Bermuda, 30 January 2002 - The Bank of Butterfield announces that at the Board Meeting held on 28th January 2002 the Directors regretfully accepted the resignation from the Board of Michael A. Butt, M.A., MBA. Mr. Butt had asked to be excused some months ago because his travel schedule increasingly conflicted with meetings of the Board. On behalf of his fellow Directors the Chairman of the Board, Dr. James A.C. King thanked Mr. Butt for his contribution and for the sound advice he has rendered to the Board since his appointment in 1996.

To fill the vacancy resulting from Mr. Butt's resignation Dr. King is very pleased to announce that the Board elected Mr. John R. Wright, a native of Scotland and formerly the Chief Executive Officer and a Director of Clydesdale Bank PLC and Yorkshire Bank PLC. Mr. Wright is a past president of the Institute of Bankers in Ireland and a past Vice President of the Chartered Institute of Bankers in Scotland. He is a fellow of both Institutes. Presently Mr. Wright is a Non-Executive Chairman of Edinburgh Fund Managers plc, a Non-Executive Director of MIRVAN Limited in Northern Ireland, of E.C.G.D in London and Bank of Butterfield (UK) Limited. In welcoming Mr. Wright to the Board Dr. King highlighted his many years of international banking experience.

Note to Editors:

Bank of Butterfield Group is a vital community bank in both Bermuda and Cayman and a specialist offshore financial services company. Established in 1858, the Bank offers a full range of banking, credit, investment, treasury, trust and custody services through its headquarters in Bermuda, as well as offices in Barbados, Cayman Islands, Guernsey, Hong Kong and the United Kingdom.

Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank's share price is published daily in The Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and the Bermuda Stock Exchange web site: www.bsx.com. Further details on the Bank can be obtained from its web site at: www.bankofbutterfield.com.