The Bank of N.T. Butterfield (TKR: NTB) will offer 10.6 million shares at an expected price range of $22 to $25 on Friday, September 16, 2016. If the underwriters price the IPO at the midpoint of that range, N.T. Butterfield will have a market capitalization of $249 million. N.T. Butterfield expects to raise $305.8 million through the issuance of its shares. It filed for the IPO on August 4, 2016, and underwriters include: Goldman Sachs, Citigroup Global Markets, Keefe, Bruyette & Woods, and others.

Business Summary: Full Service Bank and Wealth Manager Based in Bermuda

The Bank of N.T. Butterfield & Son Limited provides various specialized financial and banking services. The company operates in six segments: Bermuda, Cayman, Guernsey, Switzerland, The Bahamas, and United Kingdom. It offers current and checking accounts, savings accounts, call accounts, and fixed-term deposits; personal loans, mortgages, home equity loans, and overdraft protection services; debit and credit cards; and Internet and automated teller machines banking services.

The company offers investment solutions and services, such as investment products, brokerage, and portfolio management services; home and contents, vehicle, yacht and pleasure craft, creditor life insurance, and credit card balance protection insurance products; and trust and estate services, including trust management, personal trust, wills and estate planning, company management, insurance trust, purpose trust, and special purpose vehicles.

On the commercial side, N.T. Butterfield provides commercial credit products, such as mortgages, loans, foreign exchange facilities, overdraft facilities, and letters of credit; cash management and asset management solutions; unit, bond, voting, institutional insurance, and reinsurance trusts, as well as collateral trusts/special purpose vehicles services; pension plans and retirement savings trusts; treasury and money market services; and merchant services, as well as purchases and sells securities.