Bank of N.T. Butterfield & Son Ltd.

Butterfield: Bermuda's first and largest independent bank With a history that parallels Bermuda’s development, The Bank of N. T. Butterfield & Son Limited (Butterfield) traces its origins to the Butterfield family, who farmed the island in the 1600s. In 1758, Nathaniel Butterfield set up a merchant-trading business in goods ranging from cedar slabs to port wine. He was succeeded by his son, Nathaniel T. Butterfield, who carried on the business, expanding it to offer financial services. In 1858 the Bank of N.T. Butterfield & Son was founded as Bermuda’s first bank. Nathaniel Augustus Butterfield, son of N.T. Butterfield, assumed control of the banking side of the family business when his father died. In 1904 the Bank of N.T. Butterfield & Son was incorporated by an Act of Parliament, and the bank became a public institution, ready to meet the needs of the island’s expanding economy. By 1923 the bank had grown to a staff of 13 and moved to new premises at the corner of Front Street and Burnaby Hill. During this time the bank supported the growing tourist industry and helped facilitate the island’s developing infrastructure. With the Second World War the tourist trade disappeared but the wartime economy contributed to the bank’s expansion. In 1941, Butterfield Bank opened the St. George’s Branch to serve the financial needs of military personnel. After the war, tourism again became Bermuda’s primary source of income, and it was a time of growth and redistribution of capital. By 1951, the bank had increased its number of shareholders by 42 percent, making it the largest Bermudian-owned and held company in terms of per capita owners. In the 1960s, offshore business began making a substantial contribution to the Island’s economy. Butterfield established new companies to meet growing demand, including Butterfield Mortgage & Finance Company, Butterfield Management Company Limited and Butterfield Executor & Trustee Company. It also opened offices in the United Kingdom and the Cayman Islands. By 1970, Bermuda had become an important offshore financial centre and Butterfield developed services to meet the needs of international business. Local business was also growing and Butterfield opened its Somerset Banking Centre in 1970 to meet demand. During the 1980’s Butterfield continued to increase assets and earnings, undertaking further expansion with the acquisition of the Bermuda National Bank, new overseas offices and the building of the Rosebank Centre. In the 1980’s Butterfield installed a network of Automatic Teller Machines, beginning with the first ATM in Bermuda and launched Bermuda’s first Internet banking service in 2001. Butterfield’s development strategy continues to enhance its services in order to meet the changing needs of its customers. In 2001, Butterfield opened an office in Barbados and its London-based, private banking arm became a wholly owned subsidiary, acquiring City of London merchant bank Leopold Joseph three years later. During 2003-04, Butterfield acquired private banking and fund administration services in The Bahamas and a retail banking operation in Barbados. Butterfield began the 21st Century with several consecutive years of record profits, made possible by the team effort of more than 1,600 employees, including over 700 in Bermuda. Today, Butterfield provides community banking in Bermuda and the Cayman Islands, and specialised offshore financial services in these locations, as well as in The Bahamas, Barbados, Guernsey and the United Kingdom through its wholly owned subsidiary, Butterfield Asset Management.

Address: 65 Front Street, Hamilton HM 12, Bermuda

Phone: +1 441 298 4691/295 1111
FAX: +1 441 292 4365