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Butterfield Bank Comments On BSX Waiver
Hamilton, Bermuda – 05 March, 2010 – The Bermuda Stock Exchange (BSX) has today released the Bank of N T Butterfield & Son Limited’s (the “Bank”; Ticker: NTB.BH) comments on the waiver of BSX Regulation, Section IIA, Chapter 6, Regulation 6.21 (2) to hold a shareholder vote with regard to the Bank’s recent capital raise.
The Bank stated: “Given the magnitude of the Bank’s fourth quarter 2009 loss and an anticipated Q1 2010 loss, and against a backdrop of speculation about the Bank among media and investors, Butterfield’s Board of Directors determined that it was in the best interests of shareholders and depositors to complete our capital raise as quickly as possible. We felt that having new capital in place at the time we announced the loss for 2009 was important for the financial stability of the Bank and a means to ease market uncertainty. We therefore sought an exemption from the requirement for a shareholder vote on the transaction from the Bermuda Stock Exchange and it was granted.”