Butterfield Bank Completes Share Repurchase
The Bank of N.T. Butterfield & Son Limited has completed the repurchase and cancellation of 4 million Butterfield common shares at an effective purchase price of $1.50 per share.
This share repurchase and cancellation transaction was directly related to, and a part of, the transaction that was previously announced on 27 April 2015 and consummated on 30 April 2015 whereby Butterfield completed the repurchase for cancellation of 80 million Butterfield common shares formerly held by Canadian Imperial Bank of Commerce [“CIBC”] at a purchase price of $1.50 per share and the Carlyle Group purchased 23.4m shares from CIBC at a purchase price of $1.50 per share, and which consequently led to the exiting of 100% of CIBC’s shareholding in Butterfield.
