Butterfield Bank shares dropped $3.74, or 11.2 per cent, to $29.75, after 700 traded on The Royal Gazette/BSX Index.In New York, the bank’s shares were down 38 cents, or 1.26 per cent, at $29.84.On the local exchange, shares of Argus Group Holdings Ltd shares were down one cent, or 0.4 per cent at $2.56 after 20,000 changed hands.The Royal Gazette/BSX Index was down 168.41 points, or 7.66 per cent, at 2,032.33, while the BSX Insurance Index was down 0.04 of a point at 1,780.52.