The Bank of N.T. Butterfield & Son Limited Initial Public Offering

Davis Polk advised the joint book-running managers and representatives of the several underwriters in connection with the $287.5 million initial public offering of 12,234,042 common shares of The Bank of N.T. Butterfield & Son Limited, of which 5,957,447 shares were issued and sold by Butterfield and 6,276,595 shares were sold by certain selling shareholders (including 1,595,744 shares from the full exercise of the underwriters’ option to purchase additional shares). The common shares are listed on the New York Stock Exchange under the symbol “NTB” and on the Bermuda Stock Exchange under the symbol “NTB.BH.”

Butterfield is Bermuda’s first and largest independent bank and a specialist provider of international financial services. Butterfield offers a full range of community banking services in Bermuda and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides various property lending, private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom.

The Davis Polk corporate team included partner John B. Meade and associates Julia Danforth, Milson C. Yu and So Yeon Chang. Partner Kathleen L. Ferrell and associate Mahalia S. Burford provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice. Members of the Davis Polk team are based in the New York and Paris offices.