Butterfield Bank yesterday gave additional guidance to its preference shareholders with regard to its proposed $130 million rights offering.

In a regulatory filing with the Bermuda Stock Exchange, the bank said it would have the opportunity to offer unexercised rights to subscribe for additional shares to the extent such unexercised rights are not taken up by participating shareholders.

The bank has set March 26, 2010, as the record date for determining which holders of preference shares would be given this opportunity.

The preference shares, which yield eight percent, were initially sold in the bank's raising of $200 million in capital last year and trade on the BSX.