Butterfield Bank
 | |
| Public | |
| Traded as | BSX: NTB.BH |
| Founded | 1858 |
| Headquarters | Hamilton, Bermuda |
Area served | Bahamas, Bermuda, Cayman Islands, Guernsey, Switzerland, United Kingdom |
| Products | banking |
Butterfield, officially The Bank of N. T. Butterfield & Son Limited, is a bank founded and based in Bermuda. Butterfield offers a full range of community banking services in Bermuda and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company services. It is listed on the Bermuda Stock Exchange (BSX).
History
It grew out of a Bermuda trading company founded by Nathaniel Butterfield in 1758; Butterfield's son, Nathaniel T., expanded the business to include financial services. In 1858 the Bank of N. T. Butterfield was founded as Bermuda's first bank. Butterfield was incorporated by an Act of Parliament in Bermuda in 1904.
In 1941, during World War II, the bank opened a branch in St. George's, Bermuda, to serve military personnel. Following the war the bank experienced rapid growth, increasing its number of shareholders by 42% and thus becoming the largest Bermuda company in terms of shareholders. During the 1960s, the bank opened branches in the United Kingdom and the Cayman Islands and formed new companies to handle mortgages and trusts, followed by its third Bermuda branch, in Somerset, Bermuda, in 1970. During the 1980s the bank took over the Bermuda National Bank, expanded its overseas business and introduced automated teller machines (ATMs) into Bermuda. In 2004, the bank acquired City of London merchant bank Leopold Joseph, This purchase also included Leopold Joseph Guernsey Limited.[1]
In March 2010, Butterfield Group posted a US$213 million loss, and announced that CIBC, the Carlyle Group and other institutional investors had collectively purchased a majority stake in the bank through a capital injection of US$550 million.[2]
It was also announced at that time that CEO & President Alan Thompson had stepped down from leadership of the company, with then-CFO Brad Kopp assuming the role of President & CEO.
Butterfield returned to profitability in 2011, posting net income for the year of US$40.5 million.
In 2012, Brendan McDonagh, who was previously Chief Executive Officer of HSBC North America Holdings and Group Managing Director, HSBC Holdings plc, joined Butterfield as a Director and Executive Chairman. In August 2012, Mr. McDonagh was named Chairman and Chief Executive Officer.
In 2014, Butterfield acquired the Trust and Fiduciary Services business of Guernsey-based Legis Group, adding further scale to its international trust business. In 2015, Butterfield completed the acquisition of select personal and corporate banking business from HSBC in the Cayman Islands, similarly expanding its market presence in that market.
On April 30, 2015, Butterfield repurchased and cancelled the majority of CIBC's shareholding in the Bank, with other shareholders taking up CIBC's remaining shares, and CIBC ceased to be a Butterfield shareholder.
In September 2015, Michael Collins, who was previously Senior Executive Vice President, was named Butterfield's Chief Executive Officer; Brendan McDonagh, former CEO, became the bank's Executive Chairman.
McDonagh retired from the Bank and Board in October 2015, at which time Barclay Simmons, previously Vice Chairman, became Chairman of the Board.
In February 2016, Butterfield announced that it had commenced an orderly wind down of its deposit taking and investment management businesses in the UK. The Bank intends to utilize the capital that was deployed to the UK operations to support the development of other businesses within the Butterfield Group.
Butterfield is an Official Supplier and has been named Official Bermuda Bank of the 2017 America's Cup, which is being held in Bermuda.
References
- ↑ "Bank of N.T. Butterfield & Son Limited". Bermuda Stock Exchange. 2009. Archived from the original on 2008-09-16. Retrieved 2009-05-17.
- ↑ "CIBC takes minority stake in Bermuda bank". The Globe and Mail. Toronto. 2010-03-02.