Butterfield Announce Share Repurchase Program
The Bank of Butterfield announced that its Board of Directors has “approved a $100 million ordinary share repurchase program pursuant to which the Bank is authorized to purchase up to 2.7 million of its ordinary shares through December 31, 2025.”
Michael Collins, Chairman and Chief Executive Officer, said, “I am pleased to announce a new share repurchase program for 2025. Our capital management priorities continue to focus on supporting a quarterly cash dividend, funding organic growth, and positioning the Bank for potential acquisitions. Subject to market conditions, our new share repurchase authorization provides us with an additional method to effectively deploy capital in 2025.”
The filing with the BSX said, “The timing and amount of any share repurchases will be determined by Bank management based on its evaluation of market conditions and other factors that include, but are not limited to, Butterfield’s share price and the availability of alternative capital investments.
“Repurchases under the new Share Repurchase Program may be made in the open market or through privately negotiated transactions, including under US Securities & Exchange Commission Rule 10b5-1, and will be made in accordance with applicable laws and regulations.
“The new Share Repurchase Program will come into effect on January 1, 2025, with the termination of the current 2.1 million share repurchase program that was announced on July 22, 2024.”
