The notes were originally issued in two tranches, namely US$78 million in Series A notes due 2013 and US$47 million in Series B notes due 2018.

The Bank of Butterfield Subordinated Notes Series A Due 2013 (NTBBH.BH) were repayed b y the issuance and sale on 28 May 2008 by private placement of U.S.$53,000,000 aggregate principal amount of Series A Subordinated Notes due 2018 and U.S.$25,000,000 aggregate principal amount of Series B Subordinated Notes due 2023, which were approved for listing on the Bermuda Stock Exchange May 07, 2008.   

These debt instruments are treated as Lower Tier 2 capital for regulatory purposes. 

Issue