Butterfield Bank has got top marks from a prestigious banking publication for the third year in a row.

The Island?s oldest financial institution has been been named?Bank of the Year? by The Banker magazine.

The 2004 award goes to Butterfield in two different jurisdictions ? both Bermuda and the Cayman Islands.

President and CEO Alan Thompson said: ?We pride ourselves on our community banking activities in Bermuda and the Cayman Islands, so we are particularly gratified to receive the award in both jurisdictions. This significant accomplishment can be attributed to the teamwork and commitment of Butterfield Bank employees, as well as the continued strength of our business strategy.?

In selecting the winners, The Banker?s global editorial team said it had considered not only financial performance, but also strategic initiatives, innovative use of technology and commitment to human resources initiatives. The entries are judged on performance over the past year, as well as the strength of the banks? position for the future.

In both Bermuda and the Cayman Islands, Butterfield Bank said it had received recognition for its continued strong financial performance; focus on innovation and customer satisfaction across an array of financial services and delivery channels; and investment in employees? training and development

The Banker editorial team also reportedly took into account strategic initiatives such as the significant acquisitions made by Butterfield Bank over the past year (five in total), as well as the Cayman Islands operation?s successful participation as adviser in the Cayman Islands Government?s first bond offering.

The Bank of the Year awards are granted in over 100 countries each year. Banks invited to apply for the award must meet specific performance standards to be eligible.