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 firstname.lastname@example.org 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.
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marks of The Bank of N.T. Butterfield & Son Limited in Bermuda and other
of the statements made in this release are forward-looking statements within
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can identify these forward-looking statements through our use of words such as
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estimates, intentions, and future performance, and involve known and unknown
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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
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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”)
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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.
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.