M&T Bank prices perpetual preferred stock offering at 6.50% dividend rate

Filed July 16, 2026 · ~1 min read

Key Changes

• high

  M&T Bank is offering depositary shares representing fractional interests in perpetual preferred stock. Each depositary share represents 1/400th of a share of preferred stock and will pay dividends at the board's discretion.

  Risk Factors verify on EDGAR →
• high

  Dividends are discretionary and non-cumulative: if the board does not declare a dividend for any period, holders receive nothing for that period and unpaid dividends cease to accrue entirely.

  Risk Factors verify on EDGAR →
• high

  The preferred stock ranks junior to all $10.5 billion of M&T's existing debt and is effectively subordinated to all liabilities of M&T Bank, which holds 99% of consolidated assets.

  Risk Factors verify on EDGAR →