{"id":522575,"date":"2021-08-03T16:33:17","date_gmt":"2021-08-03T20:33:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/butterfield-reaches-resolution-with-us-department-of-justice\/"},"modified":"2021-08-03T16:33:17","modified_gmt":"2021-08-03T20:33:17","slug":"butterfield-reaches-resolution-with-us-department-of-justice","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/butterfield-reaches-resolution-with-us-department-of-justice\/","title":{"rendered":"Butterfield Reaches Resolution With US Department of Justice"},"content":{"rendered":"

<\/p>\n

Butterfield Reaches Resolution With US Department of Justice<\/b><\/p>\n

HAMILTON, Bermuda–(BUSINESS WIRE<\/a>)–
\nThe Bank of N.T. Butterfield & Son Limited (\u201cButterfield\u201d) (NYSE: NTB | BSX: NTB.BH) today announced that it has reached a resolution with the United States Department of Justice concerning the inquiry into Butterfield\u2019s legacy business with US clients reported in November 2013.\n<\/p>\n

\nThe resolution is in the form of a non-prosecution agreement (“NPA”) with a three-year term. The financial payments totaling $5.6 million in respect of Forfeiture and Tax Restitution Amounts are in line with the existing provision included in Butterfield\u2019s financial statements as recorded in 2015 and 2016.\n<\/p>\n

\nMichael Collins, Chairman and Chief Executive Officer of Butterfield, said, \u201cWe are pleased to resolve this matter which dates back to late 2013. Since that time, we have enhanced our compliance controls for business with US clients and the total payment has been provisioned. Moving forward, we remain focused on delivering for our clients and our stakeholders.\u201d\n<\/p>\n

About Butterfield:<\/b><\/p>\n

\nButterfield 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<\/a><\/span>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210803005946\/en\/<\/a><\/span><\/p>\n

Investor Relations Contact:
\n<\/b>
Noah Fields
\n
Investor Relations
\n
The Bank of N.T. Butterfield & Son Limited
\n
Phone: (441) 299 3816
\n
E-mail: noah.fields@butterfieldgroup.com<\/a><\/p>\n

Media Relations Contact:
\n<\/b>
Nicky Stevens
\n
VP, Group Strategic Marketing & Communications
\n
The Bank of N.T. Butterfield & Son Limited
\n
Phone: (441) 299 1624
\n
Cellular: (441) 524 4106
\n
E-mail: nicky.stevens@butterfieldgroup.com<\/a><\/p>\n

\n\u00a0\n<\/p>\n

KEYWORDS:<\/b> Caribbean United States Bermuda North America New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Banking Professional Services Finance<\/p>\n

MEDIA:<\/b><\/p>\n\n","protected":false},"excerpt":{"rendered":"

Butterfield Reaches Resolution With US Department of Justice HAMILTON, Bermuda–(BUSINESS WIRE)– The Bank of N.T. Butterfield & Son Limited (\u201cButterfield\u201d) (NYSE: NTB | BSX: NTB.BH) today announced that it has reached a resolution with the United States Department of Justice concerning the inquiry into Butterfield\u2019s legacy business with US clients reported in November 2013. The resolution is in the form of a non-prosecution agreement (“NPA”) with a three-year term. The financial payments totaling $5.6 million in respect of Forfeiture and Tax Restitution Amounts are in line with the existing provision included in Butterfield\u2019s financial statements as recorded in 2015 and 2016. Michael Collins, Chairman and Chief Executive Officer of Butterfield, said, \u201cWe are pleased to resolve this matter which dates … <\/p>\n

Continue reading “Butterfield Reaches Resolution With US Department of Justice”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-522575","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nButterfield Reaches Resolution With US Department of Justice - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/butterfield-reaches-resolution-with-us-department-of-justice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Butterfield Reaches Resolution With US Department of Justice - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Butterfield Reaches Resolution With US Department of Justice HAMILTON, Bermuda–(BUSINESS WIRE)– The Bank of N.T. Butterfield & Son Limited (\u201cButterfield\u201d) (NYSE: NTB | BSX: NTB.BH) today announced that it has reached a resolution with the United States Department of Justice concerning the inquiry into Butterfield\u2019s legacy business with US clients reported in November 2013. The resolution is in the form of a non-prosecution agreement (“NPA”) with a three-year term. The financial payments totaling $5.6 million in respect of Forfeiture and Tax Restitution Amounts are in line with the existing provision included in Butterfield\u2019s financial statements as recorded in 2015 and 2016. 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