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Butterfield To Sell Equity Interest in Butterfield Fulcrum
Hamilton, Bermuda ─ 09 February, 2011 – The Bank of N.T. Butterfield & Son Limited (the “Bank”; Ticker: NTB.BH) today announced that it has agreed to sell its minority ownership position in Butterfield Fulcrum to a new company founded by fund industry executives Tim Calveley and Glenn Henderson and private equity firm, BV Investment Partners. Butterfield Fulcrum will operate as a subsidiary of the new company.
Butterfield will continue to provide Butterfield Fulcrum and its clients with commercial banking, foreign exchange and custody services.
Butterfield Fulcrum was established in 2008 through the merger of Butterfield Fund Services and the Fulcrum Group.
Through this transaction, Butterfield will fully divest itself of its minority ownership stake in Butterfield Fulcrum.
The transaction is expected to close during the first quarter of 2011, subject to regulatory approvals. Proceeds from the sale will result in a distribution to holders of the Bank’s Contingent Value Convertible Preference Shares, estimated at $0.39 to $0.41 per share. Details of the actual payment will be disclosed in Butterfield’s first quarter 2011 financial results.
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
Media Relations Contacts:
Mark Johnson
Vice President, Communications, Brand & Public Affairs
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
Cellular: (441) 524 1025
Fax: (441) 295 3878
E-mail: mark.johnson@butterfieldgroup.com
Stuart Roberts
Bermuda Communications Manager
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 298 4610
Cellular: (441) 532 0143
Fax: (441) 295 3878
E-mail: stuart.roberts@butterfeldgroup.com