The Bank of N.T. Butterfield & Son, Bermuda's largest independent bank with over $11 billion in assets, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $250 million.
The Carlyle Group (Nasdaq: CG) is the company's primary shareholder.
The Hamilton, Bermuda-based company was founded in 1858 and booked $384 million in revenue for the 12 months ended June 30, 2016. It plans to list on the NYSE under the symbol NTB. Goldman Sachs, Citi and Sandler O'Neill are the joint bookrunners on the deal. No pricing terms were disclosed.
