Butterfield buys back 2.5m shares in December

THURSDAY, JANUARY 10: The Bank of Butterfield bought back 2,578,456 common shares during the month of December at an average price of $1.251 a share.

The bank also repurchased and cancelled 3,873 NTB 8% preferred shares at an average cost of $1,216.53

In May the Bank announced it would introduce a share buyback programme. Since then the Bank has repurchased 7,260,051 common shares and 4,422 8% preference shares.

Butterfield CEO Brendan McDonagh said at the time it had built up capital and this was a way to return value to the shareholders. He said: “We looked at taking some of the accumulated capital and returning it back to the shareholders. We didn’t want to pay out to the common dividend.”