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BUTTERFIELD ANNOUNCES PRIME RATE DECREASE AND 
COVID-19 PREPARATIONS IN CAYMAN


George Town, Grand Cayman—16 March 2020: As Cayman continues to make preparations for the potential impact of COVID-19 locally, and following yesterday’s emergency 100 bps decrease in the US Federal Funds Rate, Butterfield Bank (Cayman) Limited (“Butterfield” or the “Bank”) today announced that it will reduce KYD and USD Prime rates by 1.00% to 3.25%, with effect from Monday, 23 March 2020.

Michael McWatt, Butterfield’s Managing Director in Cayman, said “It is our intention, with this significant decrease in rates, to help ease the financial burden on personal banking and business customers whose income may be impacted by the potential decrease in local economic activity associated with the health crisis. 

“The Bank is additionally reviewing the fee schedules and payment terms of select other products and may make changes to provide additional relief to customers during this challenging period, including providing extensions on repayment of credit card balances.

“We want our customers to know that we are here to support them, and those who may find themselves in financial difficulty should not hesitate to reach out to us to discuss their situations.

“Doing our part to help protect the health of our community and keep our economy functioning is our priority.”

Butterfield placed a moratorium on business travel (since 6 March) and has put in place rigid protocols for self-isolation by employees who are returning from all personal trips, those who are feeling unwell and those that have been identified as immunosuppressed or immunocompromised. The Bank has also enhanced its cleaning regimen in Banking Centres and offices.

Butterfield continues to provide in-person banking services at its four Banking Centres in Cayman from Monday through Friday, but in keeping with the Government’s direction to limit large gatherings of people, the Bank is encouraging customers to make use of electronic banking options (online and mobile banking, and ATM services.) Saturday Banking at Butterfield’s Governor Square Banking Centre will be suspended until further notice.

The Bank is similarly encouraging customers to discuss lending solutions with its Personal Lending department by telephone, rather than in person.  For information regarding loan rates and payment terms, customers should call (345) 949 7055 or reach out to their relationship managers.

Across Butterfield Group internationally, and in Cayman, the Bank will be implementing splits of teams across buildings and shifts, and directing employees to work from home where possible to improve social distancing and decrease the potential for transmission of the COVID-19 virus.

We would like to remind customers that Butterfield will never call or e-mail you a link that asks for your online credentials or passwords.  Suspicious e-mails should be forwarded to phishing@butterfieldgroup.com and you should hang up and call the Bank if you receive a call that you suspect to be fraudulent on (345) 949 7055.

As the situation continues to evolve rapidly, Butterfield is reviewing and adjusting plans as needed so we can continue to serve the financial needs of the community.

 


BUTTERFIELD and the Wyvern Logos are trade marks or registered trade marks of The Bank of N.T. Butterfield & Son Limited in Bermuda and other countries.

 

Forward-Looking Statements:

Certain of the statements made in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future. Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance, capital, ownership or achievements of the Bank to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements due to a variety of factors, including worldwide economic conditions and fluctuations of interest rates, the successful completion and integration of acquisitions (including the recently closed acquisition of ABN AMRO (Channel Islands) Limited) or the realization of the anticipated benefits of such acquisitions in the expected time-frames or at all, success in business retention and obtaining new business and other factors. All statements other than statements of historical fact are statements that could be forward-looking statements.

 

All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our Securities and Exchange Commission (“SEC”) reports and filings. Such reports are available upon request from the Bank, or from the SEC, including through the SEC’s website at http://www.sec.gov. Except otherwise required by law, Butterfield assumes no obligation and does not undertake to review, update, revise or correct any of the forward-looking statements included herein, whether as a result of new information, future events or other developments.  Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

 

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.

 

 
 

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