June 12, 2012

Akerman Senterfitt announced it is representing First Citizens Group, a leading financial services group in Trinidad and Tobago, in its plan to acquire the Barbados subsidiary of Bermuda-based Bank of N.T. Butterfield. The acquisition of Butterfield Bank (Barbados) Limited, which provides a wide range of consumer and business banking and lending services, is part of First Citizens’ stated strategy to grow and expand in the region.

The acquisition was negotiated as a cross border transaction (including U.S., U.K., Barbados and Trinidad counsel) and successfully resulted in an executed Share Sale Agreement. The transaction is subject to regulatory approval, and is expected to finalize and close in approximately three months.

The Akerman team advising First Citizens is led by Carlos Mendez-Peñate, co-chair of Akerman's Latin America & the Caribbean Practice. Fran Kleiner, a shareholder in Akerman’s Corporate Practice, is working with Mendez-Peñate to represent First Citizens. Both attorneys are based in New York. 

“With assets of almost US$ 5 billion and equity greater than US$ 800 million, First Citizens is committed to regional growth and expansion,” said Mendez-Peñate. “We are pleased to assist our client, First Citizens, which has won numerous awards for banking excellence over the years, take another step in deepening and broadening their regional presence.”

Butterfield Bank Barbados has 114 employees in six locations across Barbados, including its main office in central Bridgetown. The bank had assets of US$ 308 million and customer deposits of US$ 270 million as of December 31, 2011.

This transaction follows Akerman’s representation of First Citizens Bank Limited last year in its issuance of US$175 million Rule 144A/Resolution S notes, due 2016, with JP Morgan as the sole bookrunner. 

Akerman's Latin America & the Caribbean Practice represents clients in a wide range of cross-border mergers & acquisitions, joint ventures, securities offerings, syndicated and secured lending transactions, project financings, and debt restructurings, as well as in complex construction and other international disputes. Its lawyers also represent global companies in connection with establishing and developing their U.S. presence as well as with managing their Latin American operations.

About Akerman Senterfitt
Akerman is a leading transactions and trial law firm known for its core strengths in middle market M&A, within the financial services and real estate industries, and for a diverse Latin America practice. With more than 500 lawyers and government affairs professionals and a network of 19 offices, it is ranked among the top 100 law firms in the U.S. by The National Law Journal NLJ 250 (2012). Akerman also is ranked among the top 100 law firms for diversity by MultiCultural Law magazine (2011) and recognized as the Law Firm of the Year for Diversity – South by Benchmark Litigation (2012). More information can be found at akerman.com or twitter.com/akerman_law.