Butterfield Bank Share Repurchase Program
In a filing with the Bermuda Stock Exchange, The Bank of N.T. Butterfield & Son Limited announced that its Board of Directors has approved a new share repurchase program.
The filing states: “The Bank of N.T. Butterfield & Son Limited today announced that its Board of Directors has approved a new share repurchase program pursuant to which the Bank is authorized to purchase up to 2,500,000 ordinary shares of the Bank through February 29, 2020.
Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said, “Deploying capital to repurchase shares provides the Bank an effective means of augmenting shareholder return. It reflects our belief that Butterfield shares offer good value in the market given our confidence in our continued ability to generate strong returns and realize our growth ambitions.”
“The timing and amount of any share repurchases will be subject to a number of factors that include, but are not limited to, general market conditions, Butterfield’s share price, and the availability of alternative capital investments. Repurchases under the new share repurchase program will be made in the open market or through privately negotiated transactions, including under Rule 10b5-1 plans, and will be made in accordance with applicable laws and regulations.
“This new share repurchase program follows the completion of the Bank’s prior share repurchase program, which commenced on April 1, 2018, pursuant to which the Bank repurchased the full authorized amount of 1 million ordinary shares of the Bank at an average price of $40.15 per ordinary share.”
