Butterfield Bank - New Director Appointments

Hamilton, Bermuda – 22 March 2010 – In a filing to the Bermuda Stock Exchange (BSX), The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”; Ticker: NTB.BH) announced the appointments to the Board of Directors, effective 19 March, 2010, of Messrs. James Burr and Wolfgang Schoelkopf.

“Pursuant to Regulation 6.16 (ii) of the Bermuda Stock Exchange Listing Regulations, Section II A, please take notice that effective as of 19 March, 2010 Messrs. James Burr and Wolfgang Schoelkopf were appointed Directors of the Bank of N.T. Butterfield & Son Limited to fill the casual vacancies created by the untimely death of Mr. Harry Wilken and the resignation of Mr. Patrick Tannock.  In connection with such appointments, please find below the biographies for each of the newly appointed Directors and the biographies for the two new nominee Directors proposed for election at the 2010 Annual General Meeting to be held on 8 April, 2010:

James Burr

James Burr is a Managing Director providing executive leadership to Carlyle’s Global Financial Services Group.

Prior to joining Carlyle, Mr. Burr was the Corporate Treasurer of Wachovia Corporation, the fourth largest bank in the United States.  He joined Wachovia in August of 1992 from Ernst and Young where he was a Senior Auditor focusing on financial services.  As the Corporate Treasurer for Wachovia, he was responsible for the overall liquidity and capital of the combined organization; the management of the company’s overall interest rate risk management; consumer pricing methodology and the management of the company’s investment portfolio.  As Treasurer he oversaw the Corporate Development function, the company’s central quantitative analytics group, the institution’s credit hedging function in connection with risk management as well as several lines of business in international banking and insurance. 

Prior to his experience in Treasury he was the Controller for Wachovia’s Corporate and Investment Bank where he spent nearly ten years of his career.

Mr. Burr received B.S. in business administration, at Appalachian State University

Wolf Schoellkopf

Wolf Schoellkopf is currently the Managing Partner at Lykos Capital Management, a private equity management company, a position he has held since 2003

From 1998-2000, he was the CEO of Bank Austria Group’s US operations.  Prior to that, he was Vice Chairman and CFO of First Fidelity Bank until it was sold to First Union in 1996.  Earlier, he was an Executive Vice President of Shearson Lehman, serving in its Foreign Exchange division.  Before that, he served as an Executive Vice President of Chase Manhattan Bank in the Capital Markets and Treasury departments

Mr. Schoellkopf currently serves of the Boards of SLM (Sallie Mae) Corporation, the market leader in education finance (since 1997), Sovereign Bancorporation, a subsidiary of Banco Santander (since 2009) and BPW Acquisition Corporation, a financial services SPAC (since 2008)

His prior board memberships include Bank Austria Cayman Islands (2001-2008) and First Fidelity Bank (1990-1997)

Mr. Schoellkopf is 77 years old and was educated at the University of California at Berkeley, the University of Munich, and Cornell University

Richard E. Venn

Senior Executive Vice-President, Corporate Development, CIBC, Managing Director and Deputy Chairman, CIBC World Markets Inc.

In his current role as head of Corporate Development, Mr. Venn champions a "principal investor" mindset among CIBC's leadership group. He is responsible for identifying, developing strategic initiatives and joint ventures for CIBC. These initiatives include the acquisition of Merrill Lynch Canada's retail brokerage group, the sale of CIBC's interest in Juniper Financial Corp., Global Payments Inc., Edulinx Canada Corp., and its U.S. retail brokerage operation. In addition, Mr. Venn leads strategic planning activities for CIBC.

Over Mr. Venn's career, he has managed the origination, merchant banking and capital markets businesses of Wood Gundy, where he was chairman and chief executive officer of CIBC's Canadian dealer for seven years. He has been a strategic advisor to many of CIBC World Markets' clients. Mr. Venn worked on the start-up of the merchant banking businesses, the integration of the corporate and investment banking businesses, as well as the acquisition of the professional groups that developed CIBC World Markets derivatives and high yield businesses.

Mr. Venn is chairman and a director of CIBC Mellon; director of First Caribbean International Bank Limited; and director of INTRIA Items Inc. He is also on the Foundation, Finance and Investment Committee for Mount Sinai Hospital; Board of Trustees, and incoming Chair of the United Way; Board and Senior Management Committee, United Synagogue Day School; Investment Committee, Toronto Community

Foundation; National Advisory Board, State of Israel Bonds; Campaign Executive Committee, University of Toronto; Board of Weizmann Institute of Science, and Co-Chair for the United Jewish Appeal 2004.

Mr. Venn received a BA Sc. (engineering science) in 1973 at the University of Toronto. He proceeded with a scholarship to complete his MBA at Harvard in 1975.

John D. Orr

John D. Orr was named Chief Executive Officer of First Caribbean International Bank in May 2008.  Prior to this, he spent 13 years holding increasingly senior roles at CIBC and CIBC World Markets in Toronto, culminating as Executive Vice President and Managing Director, Head of International Retail Banking and Deputy Head of Corporate Development.  In his role as Head of CIBC’s International Retail Banking operations, Mr. Orr was responsible for CIBC’s Caribbean and Asian businesses.  CIBC Caribbean is active in the fund and trust administration markets, with operations in the Cayman Islands and The Bahamas, while CIBC Asia is a provider of banking and investment management services for high net worth individuals.  AS Deputy Head of Corporate Development, he played a key role in a number of large transactions for CIBC including the acquisition of Barclay’s ownership stake in First Caribbean at the end of 2006.  Previously, Mr. Orr was CEO of Amicus Bank, which has more than 2.1 million retail banking clients across Canada.  He also held a number of positions in the investment and merchant banking units of CIBC World Markets.  In addition to his executive responsibilities, he is a member of the board of directors of First Caribbean International Bank, CIBC Bank and Trust Company (Cayman) Ltd, and CIBC Trust Company (Bahamas) Ltd.  Mr. Orr received a BA Economics and a Masters of Business Administration from the University of Western Ontario in London, Ontario and a law degree at Dalhousie University, Halifax.

Editors Notes:

The Bank of N.T. Butterfield & Son Limited (“Butterfield”) is Bermuda’s first and largest independent bank, and a specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the Group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust services.

Butterfield is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges.  Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com). 

Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com

Investor Relations Contact:                                                           

John Maragliano        

Senior Vice President, Finance

The Bank of N.T. Butterfield & Son Limited              

Phone: (441) 298 4758

E-mail: john.maragliano@butterfieldgroup.com