The Bank of N.T. Butterfield & Son expects its acquisition of CIBC Caribbean to result in a combined entity with roughly $29 billion in assets and to close in the first half of 2027. Chairman and CEO Michael Collins called the deal a significant step forward in the bank’s long-term growth strategy, while Group Chief Risk Officer Bri Hidalgo said the company is making excellent progress toward closing and remains on schedule. Butterfield has paused share repurchases as it builds capital ahead of the transaction, and President and Group CFO Michael Schrum indicated the bank plans to issue subordinated debt in the fourth quarter after a shareholder vote in mid-September. The bank reported second-quarter core net income of $63.9 million, core earnings per share of $1.58, and a core return on average tangible common equity of 25%, with total assets rising 2% to $14.3 billion.
Canadian Imperial Bank Of CommerceButterfield's acquisition of CIBC Caribbean is a divestiture for CIBC, reducing its Caribbean exposure and likely resulting in a one-time gain, but the article focuses on Butterfield's perspective; CIBC is not the subject.
Bank of N.T. Butterfield & Son Ltd