Former Citizens exec heads Bermuda bank

PROVIDENCE – Bradford Kopp, a former high-level executive at Providence-based Citizens Financial Group/RBS Americas, has been named CEO and president of Bermuda’s largest bank, just a few months after he was appointed chief financial officer.
Bank of N.T. Butterfield & Son Ltd. announced last week that Kopp had been chosen to replace Alan Thompson, who recently retired. The promotion was announced at the same time that Butterfield disclosed a group of institutional investors had pumped $550 million into the bank as part of a plan to increase capital and reduce risk in its portfolio.
Kopp is taking over a bank that has its problems.
The bank posted a $213.4 million net loss for 2009, largely from a write-down of mortgage-backed securities and a large commercial loan-loss provision.
Butterfield said it could see another $150 million to $175 million loss in the first quarter as it restructures its investment portfolio. In addition it cut its dividend payments.
Kopp joined Bank of N.T. Butterfield & Son Ltd. in November after working for Citizens/RBS Americas since 1993. He started at Citizens as chief financial officer. He also had been Citizens’ head of corporate strategy and development, overseeing mergers and acquisitions and, in 2008, served as CEO of ABN AMRO North America after it was acquired by the Royal Bank of Scotland – Citizens’ parent.
Before joining Citizens, Kopp served as a managing director in the financial institutions group of the now-failed Lehman Bros. investment bank. He holds undergraduate and MBA degrees from Harvard College and Harvard Business School, respectively.
“I am pleased to accept the appointment as president and chief executive officer and I am excited about Butterfield’s future,” Kopp said in a statement. “Raising capital allows us to eliminate the distraction of under-performing assets and to realize the enormous potential of the Butterfield franchise by pursuing our strategic plan and focusing on our core competencies: banking, wealth management and fiduciary services.”
Founded in 1858, Butterfield – which does business internationally – had $9.61 billion in total assets as of Sept. 30. Like many other banks globally, it has struggled with a declining investment portfolio.