Butterfield Bank's $130 million rights offering was oversubscribed, the company announced this afternoon.

Effectively this means that a greater proportion of the bank is now owned locally.

The shares in the rights offering were bought back from a group of mainly foreign investors who ploughed $550 million into the bank in March.

Legacy shareholders and investors who purchased rights on the Bermuda Stock Exchange will own a collective 37 percent of Butterfield common shares.

* Read more in the Business section of tomorrow’s Royal Gazette.