Butterfield Announces the Board Retirement of Michael Covell

Rhea-AI Summary

The Bank of N.T. Butterfield & Son Limited (NYSE: NTB) announced the retirement of Michael Covell from its Board of Directors effective July 25, 2022. Covell, who joined the board in 2018, contributed significantly to discussions regarding private wealth and trust. His departure reduces the Board to nine Directors. CEO Michael Collins expressed gratitude for Covell's insights and contributions during his tenure.

Butterfield, headquartered in Hamilton, Bermuda, provides a range of banking and wealth management services across multiple jurisdictions.

Positive

• Michael Covell brought valuable insights to the Board during his tenure.
• The Board remains strong with nine Directors after Covell's departure.

Negative

• The loss of Covell may impact board discussions on private wealth and trust.
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HAMILTON, Bermuda--(BUSINESS WIRE)-- The Bank of N.T. Butterfield & Son Limited (“Butterfield”) (NYSE: NTB | BSX: NTB.BH) today announced that Michael Covell has retired from the Board of Directors effective July 25, 2022.

Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said, “On behalf of the Board of Directors, I would like to thank Mike for his valuable contributions and insight, particularly as it has related to private wealth and trust. He has been a knowledgeable participant in our board discussions and his guidance will be missed.”

Mr. Covell joined Butterfield’s Board in 2018. Mr. Covell is an experienced non-executive Chairman and Director. He is currently Chairman of the Acolin Group, a Swiss headquartered cross-border fund distribution business; Chairman of the Ascot Lloyd Group, a UK financial planning business; Chairman of Le Masurier, a Jersey based real estate investment and development business; Chairman of Sackville Capital, a London multi-asset global investment advisory firm.

Following the departure of Mr. Covell, Butterfield’s Board will consist of nine Directors.

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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View source version on businesswire.com: https://www.businesswire.com/news/home/20220725005816/en/

Investor Relations Contact:

Noah Fields

Investor Relations

The Bank of N.T. Butterfield & Son Limited

Phone : (441) 299 3816

E-mail : noah.fields@butterfieldgroup.com

Media Relations Contact:

Nicky Stevens

Group Strategic Marketing & Communications

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 299 1624

Cellular: (441) 524 4106

E-mail: nicky.stevens@butterfieldgroup.com

Source: The Bank of N.T. Butterfield & Son Limited

FAQ

What recent announcement did The Bank of N.T. Butterfield & Son Limited make regarding its Board of Directors?

The Bank of N.T. Butterfield & Son Limited announced the retirement of Michael Covell from its Board of Directors effective July 25, 2022.

How many Directors are on the Board of Butterfield after Covell's retirement?

After Covell's retirement, Butterfield's Board consists of nine Directors.

When did Michael Covell retire from Butterfield's Board?

Michael Covell retired from Butterfield's Board on July 25, 2022.

What is the significance of Michael Covell's departure for Butterfield?

Covell's departure may impact the board's insights related to private wealth and trust, areas in which he was knowledgeable.

What services does The Bank of N.T. Butterfield & Son Limited provide?

Butterfield provides banking and wealth management services, including deposit, cash management, trust, private banking, and asset management.