Butterfield Names Daniel Frumkin New Chief Risk Officer

Hamilton, Bermuda ─ 20 December, 2010 – The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”; Ticker: NTB.BH) today announced that it has appointed Daniel Frumkin as Executive Vice President & Chief Risk Officer.

Dan is a career banker with a depth of experience in risk management, credit and retail banking.  He joins Butterfield after 21 years with member companies of the Royal Bank of Scotland Group in the US and UK. 

During his tenure with RBS, he was Managing Director of the UK Retail Products Group with responsibility for the profitability of 2,200 branches and more than 14 million customers. Prior to being MD, Dan was Chief Risk Officer, Retail Banking. As Chief Risk Officer, he led a team of 1,250 risk professionals covering credit, regulatory/compliance and operational risk for the UK’s largest retail Financial Services business. 

His previous experience also includes the post of Head of Transition Risk at Northern Rock in the UK, overseeing the restructuring of that bank under public ownership, and JSC Parex banka where he was Chief Restructuring Officer, responsible for the reorganisation of the recently nationalised Latvian bank.

At Butterfield, Dan will have overall responsibility for the Group’s enterprise risk management framework and functions that identify, quantify, monitor and control the Bank’s credit, operational, compliance and market risks.

Bradford Kopp, Butterfield’s President & Chief Executive Officer, said, “Dan has a well-deserved reputation for leadership and expertise in financial services risk management.  This is evidenced by the decisions of the UK and Latvian governments recently to entrust him with the formidable tasks of restructuring nationalsed banks in those countries.  We are fortunate to have him join Butterfield Group, where we will draw upon his extensive experience to ensure that we continue to develop and employ best practices in the management of our credit, operational and market risks.  I’m pleased to have him on the team.”

Mr. Frumkin and his family have relocated to Bermuda.

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, investment advisory and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, 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. Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.