HAMILTON, Bermuda, Jan 05, 2012 (BUSINESS WIRE) — The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) today announced that Mr. Brendan McDonagh, who was previously Chief Executive Officer, HSBC North America and Group Managing Director, HSBC Holdings plc, will be nominated for election to its Board of Directors at the Annual General Meeting of Shareholders on 1 May 2012. Subject to his election, the Directors intend to appoint Mr. McDonagh to the position of Executive Chairman of the Bank.

Butterfield’s current Chairman, Mr. Robert Mulderig, has decided to retire from the Board at the conclusion of the 2012 AGM as part of the intended orderly Board transition that was disclosed to shareholders last year. Mr. Mulderig has served as a non-executive Director since 1996. He was appointed as Chairman in 2007.

In his role as Executive Chairman, Mr. McDonagh will work closely with Butterfield’s Board and current management team, headed by Mr. Bradford Kopp, President & Chief Executive Officer, to continue to implement the Bank’s strategic objectives, including enhancing the sustainable profitability of the Bank, improving coordination of resources across jurisdictions and enhancing the core businesses of community banking and wealth management.

Mr. McDonagh is a career banker with extensive international experience in consumer finance, retail and commercial banking and wealth management. He began his career with HSBC in London in 1979 and held increasingly senior positions within HSBC in Brunei, Hong Kong, Oman, Japan, the Channel Islands and the UK.