financial institution revealed yesterday.

John Tugwell, chairman, president and CEO of National Westminster Bankcorp.

Inc., New York, owned by Fleet Bank NA, will take Bank of Butterfield's helm on May 5.

"I had reported previously that the board of directors had appointed a search committee to make recommendations on Michael Collier's successor.

"I am pleased to report that the board has appointed Mr. Tugwell as president and chief executive,'' Bank of Butterfield chairman David Gibbons said.

Later this year, Sir David will reach the board's mandatory retirement age. It is unlikely the bank will unite chairman, president and CEO under one individual.

Mr. Tugwell, a Briton in his late 50s, has a banking career of 36 years with Natwest.

Natwest New York is a $35 billion regional bank with 330 branches in New York and New Jersey.

Following the sale of this bank to Fleet last year, Mr. Tugwell continued in his role of president and CEO of the former Natwest operations.

After Mr. Collier left Bank of Butterfield for health reasons, the bank appointed W. Scott McDonald as acting CEO.

"Mr. McDonald agreed at very short notice to assume temporary responsibilities in October, 1996 when Mr. Collier took a leave of absence at doctor's direction, and has served the bank in this crucial role following Mr.

Collier's subsequent early retirement and during the search,'' Sir David said.

Mr. McDonald has been a director and will remain on Bank of Butterfield's board.

A Fleet Bank spokesperson said yesterday that Mr. Tugwell was not available for comment.