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Butterfield Bank to buy back three million shares

Butterfield Bank intends to repurchase three million of its shares in 2009, in a move designed to enhance shareholder value.

The Bermuda Stock Exchange announced on Friday that the Bank had advised it of its intention to buy back what amounts to 3.05 percent of total issued shares of the Bank, as of November 30, 2008, during this calendar year.

"This intention is subject to appropriate market conditions and repurchases will only be made in the best interests of the Bank," the BSX statement said. "The directors consider that share repurchase is an excellent means of enhancing shareholder value while increasing earnings per share."

No shares were repurchased and cancelled in 2008, while shares repurchased and held as treasury shares reserved for re-issuance totaled 2.56 million shares at an average price of $14.96 and aggregate cost of $38.34 million.