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BUTTERFIELD ADJUSTS LOAN RATES IN RESPONSE TO FED FUNDS INCREASE
Hamilton, Bermuda — June 14, 2017: The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) (BSX: NTB.BH; NYSE: NTB) today announced loan rate changes. The filing stated
The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) (NYSE: NTB | BSX: NTB.BH) announced that, in step with today’s 25 basis point increase in the US Federal Funds Rate, the Bank has adjusted its Bermuda Dollar Base Rates on Bermuda Dollar loans.
The Bermuda Dollar Base Rate for residential mortgages and consumer loans will increase from 4.25% to 4.50%.
The Bermuda Dollar Base Rate for corporate loans will increase from 4.50% to 4.75%.
The rate increase on consumer and corporate loans takes effect immediately. The rate increase on residential mortgages will take effect on 12 September 2017.
-ENDS-
No Offer or Solicitation
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Butterfield:
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from six jurisdictions: Bermuda, the Cayman Islands and Guernsey, where its principal banking operations are located; and The Bahamas, Switzerland and the United Kingdom, where it offers specialised financial services. Banking services comprise retail and corporate banking. Wealth management services are composed of trust, private banking, and asset management. In Bermuda and the Cayman Islands, Butterfield offers both banking and wealth management. In Guernsey, The Bahamas and Switzerland, Butterfield offers wealth management. In the UK, Butterfield offers residential property lending. Butterfield is publicly traded on the New York Stock Exchange (symbol: NTB) and the Bermuda Stock Exchange (symbol: NTB.BH). Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.
Media Relations Contact:
Mark Johnson
Vice President, Group Head of Communications
The Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
Cellular: (441) 524 1025
Fax: (441) 295 3878