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Butterfield Bank Submits Notice Of Share Repurchase Programme
Hamilton, Bermuda: 18 January 2005 - The Bermuda Stock Exchange (BSX) has been advised by the Bank of Butterfield (NTB.BH) that it has the present intention to repurchase over the period commencing 1st January 2005 and ending 31st December 2005, up to 2,000,000 of its ordinary shares of par value $1 each pursuant to its share repurchase programme authorised by shareholders on 29th October, 1997. As at 1st January, 2005, 2 million shares represent 8.2% of total issued shares of the Bank. This intention is subject to appropriate market conditions and repurchases will only be made in the best interest of the Bank.
The Directors consider that share repurchase is an excellent means of enhancing shareholder value while increasing earnings per share.
Shares repurchased and cancelled in the period from 1st January, 2004 to 31st December, 2004 totaled 459,232 at an average price of $42.14 and aggregate cost of $19.4 million.