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Bank Of Butterfield Acquires Barbados-Based The Mutual Bank Of The Caribbean Inc.

04 4 2003

Hamilton, Bermuda: 4 December, 2003 - The Bank of N.T. Butterfield & Son Limited is pleased to announce that it has acquired for cash the entire share capital of The Mutual Bank of The Caribbean Inc., a Barbados retail bank, from its majority shareholder, Sagicor Financial Corporation, and its minority shareholders. This is Bank of Butterfield's third acquisition in the past four months.

"This transaction is a significant milestone in the strategic development of Bank of Butterfield," said Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield, in announcing the acquisition. "It is consistent with our strategy to expand into markets where we can successfully deliver our core products and services."

The Mutual Bank was established in March 1993 as the first indigenous private sector bank in Barbados. Headquartered in Bridgetown with three additional branches, it has 115 employees. As at 31 December 2002, The Mutual Bank had assets of $253 million Barbados dollars.*

Mr. Brooks continued, "We have acquired an additional community banking operation to complement those we have operated successfully in Bermuda and the Cayman Islands for many years, having earned "Bank of the Year" awards in both jurisdictions in 2002 and in Bermuda in 2003. We are very pleased to join the business community in Barbados, a location known for its solid infrastructure and good business environment." He also acknowledged the assistance of The Central Bank of Barbados and the directors and management of The Mutual Bank during the negotiations to complete this transaction.

Bank of Butterfield President & CEO, Alan Thompson added, "This transaction has accomplished a strategic goal for the Bank, allowing for deeper market penetration in the Caribbean region. The Mutual Bank is a well run organisation that has built a strong foundation of customer service and community commitment. We look forward to working with our new colleagues and helping them continue to provide quality services to meet customers' financial needs. In time, customers will benefit from a broader range of services, strengthened by new delivery channels."

The Mutual Bank will be renamed Bank of Butterfield (Barbados) Limited. Graham Brooks will be Chairman of the Board of Directors and the Board will include Bank of Butterfield executives Conor O'Dea, Managing Director, Bank of Butterfield International (Cayman) Ltd. and Lloyd Wiggan, Senior Vice President, Retail Banking, The Bank of N.T. Butterfield & Son Limited.

Also complementing this acquisition, Butterfield Asset Management Limited (a wholly owned subsidiary of Bank of Butterfield) has a Barbados representative office which opened in September 2001 and is focused on investment solutions for international corporate and private clients.

*Note: the Barbados dollar is pegged at 2:1 to the US dollar.