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Bank Of Butterfield Named "Bank Of The Year" In Bermuda

Hamilton, Bermuda: 16 September 2003 -Bank of Butterfield has been named Bermuda's "Bank of the Year" for 2003 by the influential London-based magazine, The Banker. Each year the magazine, a publication of the Financial Times Group, awards the world's best banks with the title "Bank of the Year". This is the second consecutive year that Bank of Butterfield has received the honour for Bermuda since the inception of the award in Bermuda last year.

Stephen Timewell, Editor of The Banker remarked: "This achievement is all the more impressive considering the difficult market conditions the financial industry has faced over the past year."

President & CEO of Bank of Butterfield, Alan Thompson, commented: "We are honoured to be named the 2003 €˜Bank of the Year' in Bermuda. To receive this award in consecutive years demonstrates the effectiveness of our business model, but more importantly it acknowledges our outstanding employees, whose continued teamwork and dedication contribute to the Bank's strong performance. We also appreciate the loyalty of our customers and shareholders, whose support is so crucial to an achievement such as this."

Banks invited to enter the awards are evaluated based on several factors: growth and performance; use of technology to advance market position; and structure and strategy for future developments. The Banker's global editorial team judge the banks' performance over the past year, as well as the strength of their position for the coming year.

To make their decision, The Banker's editorial team considered Bank of Butterfield's strong financial results; the ongoing enhancements to Butterfield Direct Internet Banking; the introduction of multi-currency payment processing; the success of the Bank's largest-ever issue of Subordinated Capital Notes; the two first place Standard & Poor's performance awards won by Butterfield Asset Management for the Butterfield Funds and the introduction of a Customer Charter demonstrating commitment to customer service.

The "Bank of the Year" awards are granted in over 100 countries each year. Banks that apply for the award must meet specific performance standards to be eligible. This means that the award may not be granted in some countries.