M&T Bank prices $600M preferred stock offering at $25/depositary share, 6.625% dividend

Filed July 17, 2026 · ~2 min read

Key Changes

• high

  M&T Bank is offering 24 million depositary shares (representing 60,000 shares of Series L Preferred Stock) at $25 per depositary share, raising $584.4 million in net proceeds for general corporate purposes, which may include redeeming existing preferred stock.

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• high

  The preferred stock pays non-cumulative dividends at 6.625% per annum ($1.66 per depositary share annually), paid quarterly beginning September 15, 2026. Undeclared dividends do not accrue and the company has no obligation to pay them.

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• medium

  M&T may redeem the preferred stock at $25 per depositary share (plus declared unpaid dividends) beginning September 15, 2031, or earlier if regulatory capital treatment changes. Redemption requires Federal Reserve approval.

  Use of Proceeds verify on EDGAR →