M&T Bank Corporation announced the creation of a new series of preferred stock and the completion of its public offering. The company issued 24,000,000 depositary shares, each representing a fractional interest in its Perpetual 6.625% Non-Cumulative Preferred Stock, Series L. The public offering was completed on July 21, 2026.
Key Details
- Securities Offered: 24,000,000 depositary shares, with each share representing a 1/400th interest in one share of Series L Preferred Stock.
- Dividend Terms: The stock carries a non-cumulative dividend rate of 6.625% per annum, payable quarterly, with the first payment scheduled for September 15, 2026.
- Key Terms: The Series L Preferred Stock has a liquidation preference of $10,000 per share (equivalent to $25 per depositary share). It is perpetual and has no maturity date.
- Redemption: M&T may redeem the shares, in whole or in part, at a redemption price of $10,000 per share on any dividend payment date on or after September 15, 2031.