Butterfield Streamlines Group Operations

HAMILTON, Bermuda–(BUSINESS WIRE)–The Bank of N.T. Butterfield & Son Limited (“Butterfield” or “the Bank”)
(NYSE: NTB)(BSX: NTB BH) today announced that it has completed a
multi-faceted streamlining initiative that reflects the changing banking
environment and positions Butterfield for improved operating efficiency.

Under the streamlining initiative, the Bank’s Jersey subsidiary was
right-sized following the onboarding of clients and staff from the
acquired Deutsche Bank banking and custody business in the Channel
Islands. It reflects Butterfield’s more automated back office
environment, which allows for efficient transaction processing with
fewer employees.

The Bank also effected an early retirement scheme in Bermuda, under
which retiring employees’ responsibilities will be reallocated within
existing operations locally and internationally to foster improvements
in operating efficiency.

Reflecting customers’ increasing preference for conducting banking
transactions through electronic channels, which has reduced in-branch
transaction volumes, the Bank has also closed one of its four Banking
Centres in Bermuda.

Michael Collins, Butterfield’s Chairman and Chief Executive Officer,
said, “Following the release of our 2018 earnings, we advised the market
that we would be streamlining operations to take better advantage of our
international footprint and improve expense management. These are key
steps in a process to position Butterfield for continued growth and
development as we seek to become the world’s leading offshore bank and
trust company.”

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.


Mark Johnson
Vice President, Group Head of Communications
Bank of N.T. Butterfield & Son Limited
Phone: (441) 299 1624
(441) 524 1025
E-mail: mark.johnson@butterfieldgroup.com