Hamilton, Bermuda – 1 May 2007: Butterfield Bank and Bermuda Hospitals Board (BHB) announced today that a new medical scholarship will be introduced in recognition of the contributions of Dr. James A.C. King, a life-long medical practitioner and community leader, and retired Butterfield Bank Director and Chairman. The Dr. James A.C. King Medical Scholarship will provide $40,000 per annum for a period of two years to a deserving, full-time Bermudian medical student who has completed at least two years of graduate education in the medical arts and sciences.
The Scholarship, which is expected to be awarded to a first recipient this autumn (and subsequent recipients every two years, thereafter) provides financial aid and recognition of the scholastic achievements of Bermudians studying medicine at accredited medical schools overseas. The total Scholarship – valued at $80,000 – is designed to help the recipient cover the costs of the final two years of a four-year medical degree.
To receive funding, Scholarship recipients will be expected to return to Bermuda to practice medicine with BHB for an agreed period of time following completion of their degrees and/or medical residencies.
Venetta Symonds, Deputy Chief Executive Officer, BHB, said, “Bermuda Hospitals Board already provides excellent training and development programmes for students and interns, but there has long been a void in the range of private sector scholarships and bursaries available to support Bermudians studying medicine abroad. The Dr. James A.C. King Medical Scholarship fills this gap. We are very pleased and grateful to work with Butterfield Bank to make this Scholarship a reality.”
Mrs. Symonds added, “The scholarship will hopefully encourage Bermudians into healthcare by supporting them through their education. It will benefit both the individual and the healthcare system in Bermuda over the long term. I can think of no better way for the hospital and the Bank to honour the legacy of this fine physician, who for so many years provided excellent care for patients and advanced the practice of thoracic surgery in Bermuda.”
A steering committee made up of individuals from BHB and Butterfield Bank will be responsible for selecting Scholarship recipients. The committee will consider the plans of each student regarding specialisation in a particular medical field so as to help influence and manage the range of medical services that will be offered on the Island in the future. Students who plan to specialise in areas of growing or high demand will be given preference.
Alan Thompson, President and Chief Executive Officer of Butterfield Bank, noted that, “When Dr. King retired from the Board after nearly 30 years of service to the Bank, we wanted to find a special way to say ‘thank you’. Through our community involvement and ongoing work with the Hospital, we know that BHB is always looking for creative ways to ensure that cost-effective, high-quality medical care continues to be available to Island residents. So the Scholarship was a natural fit. It allows us to recognise the contributions of Dr. King to our organisation and the community, and helps fill a real need – something that I know is important to Dr. King.”
The announcement regarding the establishment of the Scholarship was made at a dinner marking Dr. King’s retirement on 19 April. A visibly moved Dr. King noted that he was pleased and honoured by the gesture.
Note to Editors:
Butterfield Bank is Bermuda’s first and largest independent bank, and a specialist provider of offshore financial services. The Butterfield Bank Group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the Group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Switzerland and the United Kingdom. The Group provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, Canada, the Cayman Islands and Guernsey, which include investment and pension fund administration, asset management and corporate trust services. Butterfield Bank is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges. Further details on Butterfield Bank can be obtained from our website at: www.butterfieldbank.com.
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