New President for Bank of Butterfield

"I had reported previously that the Board of Directors had appointed a search committee to make recommendations on Mr. Collier's successor. I am pleased to report that the Board of Directors have appointed Mr. John Tugwell as President and Chief Executive Officer effective 5th May, 1997.

Mr. Tugwell, a Briton in his late fifties, has had a banking career of some 36 years with National Westminster Bank, rising through the ranks to become Chairman, President and CEO of National Westminster Bankcorp. Inc., New York. This was a $35 billion regional bank with 330 branches in the states of New York and New Jersey. Following the sale of this bank to Fleet Bank N.A. last year, Mr. Tugwell continued in his role of President and Chief Executive Officer of the former Natwest operation.

The Board of Directors believes the Bank is most fortunate in being able to secure the services of an executive of the calibre and stature of Mr. Tugwell.

We are very grateful for the services of Mr. W. Scott McDonald as Acting Chief Executive Officer. Mr. McDonald agreed at very short notice to assume temporary responsibilities in October, 1996 when Mr. Michael Collier took a leave of absence at doctor's direction, and has served the Bank in this crucial role following Mr. Collier's subsequent early retirement and during the search which culminated in Mr. Tugwell's appointment. Mr. McDonald has been a Director since 1980 and will remain on the Board so the Bank will continue to benefit from his participation."

Sir David Gibbons, KBE, JP, Chairman of the Board