Butterfield Bank has cancelled its existing common share buy-back programme in order to implement a new programme for the purchase of up to 10 million common shares.The bank’s board approved the move on Monday, agreeing the buy-back will not exceed $14 million and will be conducted at the discretion of the bank’s management.During 2012 the bank repurchased 7.3 million of its shares, and in February this year it brought back 83,313 common shares and repurchased and cancelled 129 of its 8% Preferred shares.The shares closed yesterday at $1.35.