To celebrate its 150-year anniversary, the Bank of Butterfield's charitable foundation will be giving up to $5 million to provide ongoing assistance to registered charities on the Island.

The Bank of Butterfield Charitable Foundation will award charities with endowments for between $250,000 and $1 million of bank shares which will provide a long-term benefit.

The endowments are an addition to the bank's corporate giving efforts resulting in approximately $1 million donated to local charities and events each year.

There are also several scholarships and educational bursaries awarded to Bermudian students annually.

President and CEO of Butterfield Bank, Alan R. Thompson said: "We are proud to be celebrating our 150th anniversary this year. Were it not for the support and loyalty of members of our community, our customers, employees, business partners and shareholders, we would not have reached this significant milestone.

"To say thank you, the Foundation will be donating funds that will be put to use in helping make Bermuda a better place for everyone who lives here."

The Foundation will be accepting applications for endowments from registered charities until April 25. Charitable organisations interested in learning about the application process are invited to a special information session at the Centre on Philanthropy on April 3 at 5.30 p.m. Charities must register with the centre by March 31.

Awards of endowment funds will be determined by the board of governors of the bank's foundation based on applications which will be available at all Bank of Butterfield Branches, on the banks website, www.butterfieldbank.bm or from the Centre on Philanthropy.

The centre can be reached on 236 7706. Charities who will receive money will be announced at a press conference on May 29.