Bank of N.T. Butterfield & Son appoints current CEO Michael Collins to additional role of Chairman of the Board

– BERMUDA, Hamilton – Bank of N.T. Butterfield & Son Limited (BSX:NTB.BH / NYSE:NTB) today announced net income for the second quarter ended 30 June 2017, as well as changes in the composition of its Board of Directors.

Chairman, E. Barclay Simmons, who served as a Director for six years and as Chairman for almost two years, retired from the Butterfield Board effective today. In addition, Wolfgang Schoellkopf, who served as a Director since 2010, retired from the Board effective today.

Michael Collins, Butterfield’s current Chief Executive Officer, will serve the Bank in the combined role of Chairman and Chief Executive Officer.

Independent Director David Zwiener has been named Lead Independent Director. In this role, Mr. Zwiener, who has extensive experience as a Board member with several publicly listed financial institutions, will provide strong, independent oversight of the Board’s governance structures and practices whilst representing the interests of the Bank’s independent directors. The Board has approved amendments to its Corporate Governance Policy to reflect the responsibilities of the Lead Independent Director.

Mr. Collins commented, “I would like to thank Barclay for his many contributions to the Bank as a Director and Chairman. Barclay led us through our initial and secondary public offerings on the New York Stock Exchange, providing the Bank with access to global capital and a diverse, long-term shareholder base. Barclay’s leadership has positioned Butterfield well for continued growth as an independent bank and trust company located in six international financial centres. I would also like to take this opportunity to recognise Wolf for his service to the Board over the last seven years. We wish them both the very best in the future.

“I am honoured to have been named Chairman and Chief Executive Officer by my fellow Directors, and I look forward to continuing to work with David and the Board, along with the Bank’s executive team, to serve our clients and build value for shareholders.

For more information : http://www.butterfieldgroup.com

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