Davis Polk advised the sole book-running manager in connection with an offering by The Bank of N.T. Butterfield & Son Limited of $100 million aggregate principal amount of its 5.250% fixed-to-floating-rate subordinated notes due 2030. The notes will be listed on the Bermuda Stock Exchange.

Butterfield is a full-service bank and wealth manager headquartered in Hamilton, Bermuda, providing services to clients from Bermuda, the Cayman Islands, Guernsey and Jersey, where its principal banking operations are located and The Bahamas, Switzerland, Singapore and the United Kingdom, where it offers specialized financial services. Butterfield’s banking services comprise deposit, cash management and lending solutions for individual, business and institutional clients. Its wealth management services are composed of trust, private banking, asset management and custody. In Bermuda, the Cayman Islands and Guernsey, Butterfield offers both banking and wealth management. In The Bahamas, Singapore and Switzerland, Butterfield offers select wealth management services. In the United Kingdom, it offers residential property lending. In Jersey, it offers select banking and wealth management services.

The Davis Polk corporate team included partner John B. Meade and associates Andrew J. Terjesen, Amber Leary and Chloe Wang. Partner Luigi L. De Ghenghi and associate Kirill Lebedev provided financial institutions advice. All members of the Davis Polk team are based in the New York office.