First half of 2007: Butterfield Bank buys more than $1 billion in CMO and ABS investments, subsequently writing down more than more than $200 million due to a downturn in the US real estate prices and the declining value of investments.

February 2007: Butterfield Bank announces an annual profit of 146 million for 2007, up 8.9 percent on 2006.

2008: Butterfield Bank profits drop by more than $140 million over the past year, due mainly to write-downs and losses in investments, and loses more than a third of its share value during the past 12 months. The bank marks its 150th anniversary.

August 2008: Butterfield Bank and Fulcrum Group announce plans to join forces to form Butterfield Fulcrum Group - five months later BFG axes some 30 staff from its Bermuda office due to the impact of the global economic crisis.

September 2008: CEO Alan Thompson reassures shareholders and customers that the bank was stable and in sound financial condition after receiving numerous queries about its position from concerned parties in the wake of the global financial crisis.

November 2008: Butterfield Bank Group announces it is set to outsource some of its information technology operations to EDS and could cut a number of IT posts at the bank.

March 2009: Butterfield Bank announces plans to raise $200 million in a preference share issue guaranteed by Government, which is launched in June with 100 percent subscription.

September 2009: Butterfield Bank takes another $32 million in ‘primary asset-backed’ securities onto its books and places them in its available-to-sell portfolio.

February 2010: Butterfield Bank’s share price drops to $2.75 to its lowest level in almost 10 years.

March 2010: Butterfield Bank receives a $550 million capital injection from a group of mainly foreign investors led by The Carlyle Group and Canadian Imperial Bank of Commerce as it announces a $213 million loss for 2009. Mr. Thompson is replaced by CFO Bradford Kopp.