Butterfield Announces Senior Leadership Appointments

The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”) (BSX: NTB.BH; NYSE: NTB) today announced senior leadership changes that reinforce the Bank’s commitment to disciplined risk management and high-quality client relationships, while demonstrating the strength and depth of Butterfield’s talent pool.

Michael Schrum has been reappointed Group Chief Financial Officer (“CFO”) following the decision by Craig Bridgewater to step down from the role to pursue other opportunities. Mr. Schrum, who previously served as Butterfield’s CFO from 2015 to 2022 and oversaw the Bank’s U.S. IPO and NYSE listing, will retain responsibility for Corporate Development and Group Strategy. He also continues to serve on Butterfield’s Executive Committee and Board of Directors. Mr. Bridgewater, who joined Butterfield in 2019, will remain available to the senior management team through year-end to ensure a smooth transition.

Bri Hidalgo has been appointed Group Chief Risk Officer, the role most recently held by Mr. Schrum. Ms. Hidalgo, a member of the Executive Committee, brings over 25 years of international banking experience and most recently served as Group Head of Compliance and Operational Risk at Butterfield. Prior to joining Butterfield, Ms. Hidalgo spent 14 years with Wells Fargo Bank in compliance and risk management roles, with her most recent role having been Chief Risk Officer, Wealth & Investment Management. Before Wells Fargo, she worked in senior risk management and compliance roles at Wachovia Securities and First State Investments in the US and the UK.

Additionally, Meredith Steinhaus has been named Interim General Counsel while the Bank conducts a search for a permanent successor to Simon Des-Etages, who has decided to leave the Bank for other opportunities. Ms. Steinhaus has been Corporate Secretary for Butterfield since 2018. Prior to joining Butterfield, Ms. Steinhaus served in senior legal roles at a NASDAQ-listed media company and started her law career in New York and London with LeBoeuf, Lamb, Greene and MacRae. She received her law degree from Cornell Law School in 2002.

Commenting on the changes, Michael Collins, Butterfield’s Chairman and Chief Executive Officer, said, “We are grateful to Craig and Simon for their many contributions to Butterfield. At the same time, I am pleased that we are able to draw from our deep internal talent pool for these important risk and financial roles. Michael, Bri, and Meredith are well-known Butterfield executives who have performed well for us over many years and understand the markets in which we operate.”

Appointments are subject to customary regulatory and relevant immigration approvals.