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Hamilton, Bermuda:  3^rd, August 2021 –In a filing with the Bermuda Stock Exchange, The Bank of N.T. Butterfield & Son Limited (the “Bank”; Ticker: NTB.BH) advised that Butterfield has reached a resolution with the US Department of Justice.  The filing stated:

  

BUTTERFIELD REACHES RESOLUTION WITH US DEPARTMENT OF JUSTICE

 

Hamilton, Bermuda — August 3^rd, 2021: The Bank of N.T. Butterfield & Son Limited (“Butterfield”) (NYSE: NTB | BSX: NTB.BH) today announced that it has reached a resolution with the United States Department of Justice concerning the inquiry into Butterfield’s legacy business with US clients reported in November 2013.

 

The resolution is in the form of a non-prosecution agreement (NPA) with a three-year term. The financial payments totaling $5.6 million in respect of Forfeiture and Tax Restitution Amounts are in line with the existing provision included in Butterfield’s financial statements as recorded in 2015 and 2016.

 

Michael Collins, Chairman and Chief Executive Officer of Butterfield, said, “We are pleased to resolve this matter which dates back to late 2013. Since that time, we have enhanced our compliance controls for business with US clients and the total payment has been provisioned. Moving forward, we remain focused on delivering for our clients and our stakeholders.”

 

About Butterfield:

 

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 specialized 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

 

 

 

Investor Relations Contact:

 

Noah Fields

investor Relations

The Bank of N.T. Butterfield & Son Limited

Phone : (441) 299 3816

E-mail : noah.fields@butterfieldgroup.com

 

  

Media Relations Contact:

 

Nicky Stevens

VP, Group Strategic Marketing & Communications

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 299 1624

Cellular: (441) 524 4106

E-mail: nicky.stevens@butterfieldgroup.com

 

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For more information on the Bermuda Stock Exchange (BSX), contact James Best at 1-441-292-7212 or jbest@bsx.com . Information is also available at www.bsx.com and on Bloomberg at BSX.

 

Established in 1971 the Bermuda Stock Exchange (BSX) is the leading fully electronic offshore securities market. The BSX specializes in listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants and Insurance Linked Securities.

 

The BSX is a full member of the World Federation of Exchanges (WFE) and is in an O.E.C.D. member nation and an affiliate member of IOSCO. The BSX is recognised by the US SEC as a Designated Offshore Securities Market. In addition, the BSX is recognized by the U.S. Securities & Exchange Commission (SEC) as a Designated Offshore Securities Market under Regulation S; The Financial Services Authority in the UK as a Designated Investment Exchange; HM Revenue & Customs in the UK as a Recognized Stock Exchange; The Bermuda Monetary Authority as a Recognised Investment Exchange; and as an Approved Stock Exchange under Australia’s Foreign Investment Funds (FIF) taxation rules; and Designated Exchange status under Canada’s Income Tax Act and is a member of America’s Central Securities Depository Association.