Bank of N.T. Butterfield & Son Ltd (NTB) to Raise $249 Million in IPO

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Bank of N.T. Butterfield & Son Ltd (NTB) plans to raise $249 million in an initial public offering on Friday, September 16th. The company will issue 10,600,000 shares at a price of $22.00-$25.00 per share.
In the last 12 months, Bank of N.T. Butterfield & Son Ltd generated $247.9 million in revenue and $66.5 million in net income. The company has a market-cap of $1.3 billion.

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Goldman Sachs, Citigroup and Sandler O’Neill + Partners acted as the underwriters for the IPO and Keefe, Bruyette & Woods (A Stifel Company), Raymond James and Wells Fargo Securities were co-managers.
Bank of N.T. Butterfield & Son Ltd provided the following description of their company for its IPO: “(Note: The common shares are listed on the Bermuda Stock Exchange under the symbol “NTB.BH” since 1998.) We are a full service bank and wealth manager headquartered in Hamilton, Bermuda. We operate our business through six geographic segments: Bermuda, the Cayman Islands, and Guernsey, where our principal banking operations are located; and The Bahamas, Switzerland, and the United Kingdom, where we offer specialized financial services. We offer banking services, comprised of retail and corporate banking, and wealth management, which consists of trust, private banking, and asset management. In our Bermuda and Cayman Islands segments, we offer both banking and wealth management. In our Guernsey, Bahamas, and Switzerland segments, we offer wealth management. In our United Kingdom segment, we offer residential property lending. “.
Bank of N.T. Butterfield & Son Ltd was founded in 1758 and has 1152 employees. The company is located at 65 Front Street, Hamilton, Bermuda and can be reached via phone at (441) 295-1111 or on the web at https://www.butterfieldgroup.com.

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