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Butterfield Announces Board and Management Changes


Hamilton, Bermuda – 28 July 2015: The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced the following changes to its Board and Senior Management:

  • Brendan McDonagh, currently Chairman & Chief Executive Officer, has been appointed Executive Chairman. In this role, he will continue to lead Butterfield.
  • Michael Collins, currently Senior Executive Vice President, Bermuda, has been promoted to Chief Executive Officer by the Board of Butterfield. He will join the Board as an Executive Director.
  • Conor O’Dea, currently Senior Executive Vice President, International, has been promoted to President & Chief Operating Officer in addition to his current responsibilities.

All appointments will be effective 1 September 2015 and are subject, where applicable, to regulatory approval.

Brendan McDonagh, Butterfield’s Chairman and Chief Executive Officer, said “Michael and Conor are highly experienced and have demonstrated their abilities to effect change and deliver results. We are fortunate to have them on our team, and I congratulate them both on their new appointments.”

Barclay Simmons, Vice Chairman and Senior Independent Director, said “Since Brendan took on the Chief Executive Officer role, he has focused relentlessly on rebuilding value for shareholders through investment in our core businesses, accretive acquisitions and carefully managing expenses and risks. We have been successful in this regard, which is evident in the Bank’s first half 2015 financial results.”

Olivier Sarkozy, Managing Director and Head of Carlyle’s Global Financial Services Group, and a member of Butterfield’s Board of Directors since 2012 said, “The new management structure is a natural evolution that builds upon the momentum that the Bank has so clearly achieved since Brendan took over as Chairman & Chief Executive Officer. We were fortunate to have such a deep bench of management talent within the Bank to draw from and, as the Bank’s largest shareholder, very much look forward to supporting our expanded management team as they implement Butterfield’s well thought and clearly articulated strategy. On behalf of the Board, I would like to extend sincerest congratulations to all three members of management on this important evolution in their respective careers.”

About Brendan McDonagh

Mr. McDonagh joined Butterfield in 2012 as a Director and Executive Chairman. In August 2012, he was appointed to the role of Chairman & Chief Executive Officer. He is a career banker with extensive international experience in consumer finance, retail and commercial banking and wealth management. He is a former Chief Executive Officer of HSBC North America Holdings and Group Managing Director, HSBC Holdings plc. Mr. McDonagh graduated from Trinity College Dublin and serves on the advisory board for the business school of Trinity College. He also serves on the advisory committee for Ireland’s National Treasury Management Agency.

About Michael Collins

In his role as Senior Executive Vice President, Mr. Collins has overall responsibility for all of Butterfield’s client businesses in Bermuda, including Corporate, Private and Retail Banking. He also manages the Operations, Custody and Marketing functions in Bermuda and Cayman. Mr. Collins has 25 years’ experience in financial services, having held progressively senior positions, at Morgan Guaranty Trust Company in New York and later Bank of Bermuda and HSBC in Bermuda. Before joining Butterfield in 2009, Mr. Collins was Chief Operating Officer at HSBC Bank Bermuda. Mr. Collins holds a BA in Economics from Brown University.

About Conor O’Dea

Mr. O’Dea joined Butterfield in 1989 and was named Managing Director, Butterfield Bank (Cayman) Limited in 1997. In mid-2009, he was also given oversight responsibility for Butterfield’s operations in The Bahamas and Barbados. In 2011, his role was expanded to include oversight of all of Butterfield's banking operations internationally. Mr. O’Dea is a Chartered Accountant who has worked in the financial services industry in the Cayman Islands for over 25 years. He is a past President of the Cayman Islands Chamber of Commerce and past President of the Cayman Islands Bankers Association.

 

 
Notes:
 
This Release does not constitute an offer to sell securities, or a solicitation of an offer to buy securities, in any jurisdiction, including without limitation the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. A public offering of securities in the United States, if any such offering is made, will be made by means of a prospectus that may be obtained from The Bank of N.T. Butterfield & Son Limited (“Butterfield”) containing detailed information about Butterfield  and management, as well as financial statements.
 
Butterfield is specialist provider of international financial services. The Butterfield Group offers a full range of community banking services in Bermuda, and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the Group provides private banking, asset management, investment advisory and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust services.
 
Butterfield is publicly traded in Bermuda, and its shares are listed on the Bermuda Stock Exchange.  Butterfield’s share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB BH) and the Bermuda Stock Exchange website (www.bsx.com).  Further details on the Butterfield Group can be obtained from our website at: www.butterfieldgroup.com.
 

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