Butterfield Bank Announces Changes In Wealth Management Structure; Welcomes Michelle Wolfe

Hamilton, Bermuda, July 2, 2007 - In an announcement made to the Bermuda Stock Exchange (BSX) The Bank of N.T. Butterfield & Son Limited ("Butterfield Bank") today announced changes in the structure of its Bermuda-based wealth management businesses.  The changes are designed to enhance service and help ensure that the Bank continues to be well positioned to meet customers' investment, trust and private banking needs. 

Curtis Dickinson, formerly Senior Vice President, Corporate Management, has been appointed Senior Vice President, Wealth Management at the Bank.  In his new role, Mr. Dickinson will be responsible for all aspects of wealth management product and service delivery (including the Bank's Asset Management, Private Banking and Personal Trust operations in Bermuda) as well as the development of strategic alliances in the wealth management area. 

Bruce Albrecht, Senior Vice President, will continue his role as Group Head of Asset Management charged with developing, implementing and maintaining the investment process and methodology for the Bank.  He will oversee the development of investment views and the implementation of those views in clients' portfolios and Bank investment funds. This role is operationally called Chief Investment Officer. He is additionally responsible for Group Quantitative Investment Research and Group Investment performance measurement and monitoring.

Michelle Wolfe, formerly Managing Director, Rothschild Trust (Bermuda) Limited, will join Butterfield Bank as Senior Vice President, Private Banking and Fiduciary Services, with responsibility for leading Private Banking and Personal Trust services in Bermuda.  Ms. Wolfe, who is a Chartered Accountant, has over 20 years of experience.  During her career, Ms. Wolfe has held increasingly senior positions at firms such as Grant Thornton, Price Waterhouse and Coutts. 

Graham Jack, Managing Director, Butterfield Trust (Bermuda) Limited, in addition to his current responsibilities for managing the Bank's Personal Trust business in Bermuda, will assume responsibilities related to the development of Butterfield Bank's international wealth management capabilities.

Ian Coulman, Managing Director, Butterfield Asset Management (Bermuda) Limited, will continue to manage Butterfield Bank's Asset Management operations in Bermuda.  Phil Jones, Vice President, Private Banking, will continue to manage the Bank's Private Banking business in Bermuda.

Alan Thompson, Butterfield Bank's President and Chief Executive Officer, remarked on the changes: "The realignment we have announced today within our Private Banking, Asset Management and Personal Trust businesses reflects the significant growth potential we see in the wealth management area, both in Bermuda and overseas."  He added, "We have created a structure that allows us to leverage the strengths and expertise of our highly experienced team and more effectively serve the increasingly complex wealth management needs of our customers.  It also improves our ability to create and capitalise upon wealth management business opportunities going forward."

In welcoming Ms. Wolfe to the organisation, Mr. Thompson said, "We are very pleased that Michelle has joined the Butterfield Bank family.  She brings a great depth of experience in trusts and private banking, with over twenty years in the business.  She is highly regarded in Bermuda and abroad for her expertise and professionalism, and she is a great addition to our team."

The changes the Bank announced today do not impact the way its wealth management services are structured in its overseas offices.  In addition to its Private Banking, Trust and Asset Management businesses in Bermuda, Butterfield Bank offers wealth management products and services through subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom.