BUTTERFIELD DECREASES RATES ON PERSONAL LOANS AND MORTGAGES IN RESPONSE TO FED FUNDS DECREASE

Hamilton, Bermuda — 23 September 2019: In a filing with the Bermuda Stock Exchange (“BSX”), The Bank of N.T. Butterfield & Son Limited (“Butterfield”) (NYSE: NTB | BSX: NTB.BH) today announced decreased rates on personal loans and mortgages.  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 the recent  25 basis point decrease in the US Federal Funds Rate, the Bank is decreasing its interest rates on personal loans and mortgages.

The base rate for Bermuda dollar residential mortgages and consumer loans will decrease by 0.25% to 5.25%.

The rate decrease on personal loans is effective today, 23 September 2019. 

The rate decrease on Bermuda residential mortgages will be effective 6 December 2019.

Butterfield is currently reviewing rates paid on fixed-term deposits and may make adjustments to some products as a result of the Fed Funds Rate change.  Details of any changes will be made available online and at Butterfield Banking Centres.

Michael Neff, Butterfield’s Managing Director – Bermuda, said “Last week, the US Federal Reserve lowered its overnight rate by 25 basis points. We are pleased to pass on the benefits of that decision by lowering interest rates for our personal banking customers who borrow from us at rates linked to the Bank’s Bermuda Dollar Base Rate.”

For information regarding loan rates and payment terms, customers should contact the Bank’s Consumer Credit department on (441) 298 4799 or their relationship managers.

-ENDS-

Notes to Editors:

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where our principal banking operations are located, and The Bahamas, Switzerland, Singapore and the United Kingdom, where we offer specialised financial services. Banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, we offer both banking and wealth management. In The Bahamas, Singapore and Switzerland, we offer select wealth management services. In the UK, we offer residential property lending. In Jersey, we offer select banking and wealth management services. 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

E-mail: mark.johnson@butterfieldgroup.com