The Bank of N.T. Butterfield & Son, Bermuda's largest independent bank with over $11 billion in assets, announced terms for its IPO on Tuesday.
The Hamilton, Bermuda-based company plans to raise $250 million by offering 10.6 million shares (44% insider) at a price range of $22 to $25. At the midpoint of the proposed range, The Bank of N.T. Butterfield & Son would command a fully diluted market value of $1.3 billion.
The Bank of N.T. Butterfield & Son was founded in 1858 and booked $384 million in sales 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. It is expected to price during the week of September 12, 2016.
