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Butterfield Bank Submits Notice Of Share Repurchase Programme
Hamilton, Bermuda - 16 January, 2009 - 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 12 month period commencing 1st January, 2009, up to 3,000,000 of its ordinary shares of par value $1 each pursuant to its share repurchase programme authorised by shareholders on 29th October, 1997, and 18 April, 2007. As at 30th November, 2008, 3,000,000 shares represented 3.05% of total issued shares of the Bank. This intention is subject to appropriate market conditions and repurchases will only be made in the best interests of the Bank. The Directors consider that share repurchase is an excellent means of enhancing shareholder value while increasing earnings per share.
In the 12 months to 31 December, 2008, no shares repurchased and cancelled, while shares repurchased and held as treasury shares reserved for re-issuance totaled 2,563,017 shares at an average price of $14.96 and aggregate cost of $38,339,124.
In addition, and separate to the above, the Bank's Stock Option Trust may, from time to time, purchase shares of the Bank through the BSX to satisy the Bank's obligations with respect to the Stock Option Plan. No shares were purchased in this way in the 12 months to 31 December, 2008.