Butterfield today announced the pricing of its secondary offering of shares at $31.75 per share.

Several shareholders are selling off portions of their stakes in the bank amounting to a total of 9.55 million shares.

The majority of the offering is comprised of the entire 7.6 million shares holding of the Carlyle Group, the New York-based private-equity firm that was one of the major investors in Butterfield’s $550 million capital raise in 2010.

Carlyle has a 14.3 per cent stake in the bank.

Butterfield will not receive any of the proceeds from the sale of the shares.

In a statement this morning, the bank said selling shareholders have granted the underwriters a 30-day option to purchase an additional 1.4 million shares at the offering price.

The offering is expected to close on or about next Tuesday.

Goldman Sachs & Co, Citigroup, Sandler O’Neill & Partners and Keefe, Bruyette & Woods are acting as the joint book-running managers for the offering.