Wednesday, April 24, 2024

378 Alan Thompson
Former President & Chief Executive Officer - Butterfield Bank

Alan Thompson was the first Chairman of the Bermuda Banker’s Association, and, up to May of this year, when he retired, was president and CEO of the Bank of N.T. Butterfield & Son Limited, historically one of Bermuda's two major banks, the other being Bank of Bermuda, now a part of HSBC. He was also a Council Member of the Bermuda Stock Exchange and a Board Member.

Butterfield's new CEO is Bradford Kopp, previously Executive Vice President and Chief Financial Officer. Kopp joined Butterfield in 2009 as Executive Vice President and Chief Financial Officer with 33 years experience in commercial and investment banking. He holds undergraduate and MBA degrees from Harvard College and Harvard Business School, respectively.

Butterfield reported commercial lending and writedowns of mortgage backed securitiies assets that it reported in its accounts for 2009, and following further writedowns totalling up to $388 million, the Bank announced that it had 'derisked' its balance sheet. A $550 million equity fund raising to replenish the balance sheet was conducted under Kopp's direction as CFO, involving equity injections from the private equity fund Carlisle, and CIBC (Canadian Imperial Bank of Commerce), Bermuda pension funds and private investors and was announced on March 2nd 2010.

Commenting on the transaction, Butterfield's chairman Robert Mulderig said “Since joining Butterfield, Brad has worked tirelessly as part of the team to implement the capital solution that we have announced today”. “The Board and I are most pleased that Brad has agreed to serve as our new Chief Executive Officer because we believe Brad is the right leader to get Butterfield back on the track of sustainable, profitable growth.”

The restructuring was thorough, and enabled Butterfield to publish a Tier 1 capital ratio of 14.3%, and a total capital ratio of 20.0% as applying on March 31st 2010. By contrast only three of the 37 Eurosystem (Euribor reporting) banks assessed under the CEBS stress testing exercise in July 2010 shows Tier 1 ratios in excess of 14 per cent - West LB 14.4%, RBS 14.4%, and Rabobank 14.1% (2009 year ends).