M&T Bank completes preferred stock offering to strengthen Tier 1 capital

Filed July 21, 2026 · Period ending July 17, 2026 · ~2 min read

Key Changes

• high

  M&T closed a public offering of 24 million depositary shares representing Series L Preferred Stock, raising an undisclosed amount in regulatory capital. Each depositary share represents 1/400th interest in a preferred share with $10,000 liquidation preference.

  Item 8.01 verify on EDGAR →
• high

  Series L carries a 6.625% annual dividend rate, payable quarterly if declared by the board starting September 15, 2026. Dividends are non-cumulative and do not accumulate if unpaid.

  Item 5.03 verify on EDGAR →
• medium

  The preferred stock is perpetual with no maturity date. M&T may redeem shares on any dividend payment date starting September 15, 2031, or within 90 days of a regulatory capital treatment event, at $10,000 per share plus declared unpaid dividends.

  Item 5.03 verify on EDGAR →