BUTTERFIELD ADJUSTS RATES IN RESPONSE TO FED FUNDS INCREASE
Hamilton, Bermuda—23 March 2018: The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) (NYSE: NTB | BSX: NTB.BH) announced that, in step with the recent 25 basis point increase in the US Federal Funds Rate, the Bank is adjusting its interest rates on loans and fixed-term deposits.
To provide customers with the opportunity to earn higher returns on Bermuda dollar and US dollar deposits, rates paid on fixed-term deposits with terms of 90 days or more will increase by up to 0.25%. Changes will be effective 26 March 2018 and detailed deposit rate information will be available online and at Butterfield Banking Centres shortly.
Loans and Mortgages
The base rate for Bermuda dollar residential mortgages and consumer loans will increase from 4.75% to 5.00%. The base rate for Bermuda dollar corporate loans and USD loans will increase from 5.00% to 5.25%. The rate increase on loans takes effect 26 March 2018. The rate increase on residential mortgages will take effect on 25 June 2018.
Butterfield offers both fixed rate mortgages, under which rates can be locked in for specified terms, and floating rate mortgages on which payment amounts may change in step with base rate adjustments. With respect to the rate adjustments announced today, qualifying floating rate mortgage holders may opt to maintain current payment amounts by extending mortgage terms up to seven years beyond the current maturity date. For information regarding rates and payment terms, customers should contact the Bank’s Consumer Credit department on (441) 298 4799 or their relationship managers.
Notes to Editors:
Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from six jurisdictions: Bermuda, the Cayman Islands and Guernsey, where our principal banking operations are located; and The Bahamas, Switzerland and the United Kingdom, where we offer specialised financial services. Banking services comprise retail and corporate banking. Wealth management services are composed of trust, private banking, and asset management. In Bermuda and the Cayman Islands, we offer both banking and wealth management. In Guernsey, The Bahamas and Switzerland, we offer wealth management. In the UK, we offer residential property lending. 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.