Bank of N.T. Butterfield & Son.

Mr. Collier, who has been general manager in charge of banking, will replace Mr. W. Scott McDonald when his five-year contract expires on August 31.

The decision was taken at a board meeting at the bank yesterday.

Butterfield's chairman the Hon. Sir David Gibbons said he was very happy with the appointment, adding the Bank's directors were also delighted. He said Mr.

Collier, who will be the youngest to take on the position of chief general manager, had "progressed tremendously'' in the past five years. In November 1989, Mr. Collier successfully completed the Advanced Management Programme at Harvard University.

Mr. Collier, who has been employed at the Bank for 29 years, was chosen over two other general managers at the Bank. They were Mr. Stephen Kempe, in charge of the Bank's international and corporate operations, and Mr. Mansfield Brock, in charge of personnel and administration.

Mr. McDonald, whom Mr. Collier will replace, came to Bermuda on a five-year contract in 1987. He served as chief operating officer, deputy vice chairman and as a director of the Bank.

He joined the bank after retiring from the Bank of Nova Scotia in Canada, where he was vice chairman. He has been in banking for 31 years.

"It was anticipated when Mr. McDonald was appointed that one of the three general managers would replace him after the five-year period,'' said Sir David.

"Part of his work was to give guidance and allow them to draw on his experience.'' It is likely Mr. McDonald will stay on at the Bank until the annual general meeting, and will then take on a position at one of the Bank's London offices.

Mr. Collier, 46, joined the Bank in 1963. In 1972 he was promoted to assistant manager in charge of treasury operations, and three years later to assistant manager in charge of customer services.

In 1977, he took over the position of assistant manager in charge of the loan department, and was promoted to assistant general manager in charge of banking in 1978.

In 1979, Mr. Collier was promoted to general manager's assistant, reporting directly to the Chief General Manager. He rose to executive assistant to the chief general manager, generally involved in all aspects of administration.

He moved to the treasury department in 1982 when he was made assistant general manager of that department, and three years later was appointed the deputy general manager of treasury and bank administration duties.

He took on his current position in 1987 as general manager in charge of banking, which includes credit, treasury, retail, corporate banking and marketing and advertising.

NEW NUMBER ONE -- Mr. J. Michael Collier becomes chief general manager at Butterfield's.