debt
confidence high
sentiment neutral
materiality 0.50
M&T Bank issues $600M of 6.625% Series L Non-Cumulative Preferred Stock
M&T BANK CORP
- Issued 24M depositary shares (1/400th interest) in Series L Preferred, liquidation preference $10,000/share ($25/depositary).
- Dividend rate 6.625% per annum, non-cumulative, payable quarterly starting Sept 15, 2026.
- Series L is perpetual, redeemable at M&T's option on or after Sept 15, 2031, or within 90 days of a regulatory capital treatment event.
- Offering completed July 21, 2026; underwriters include BofA Securities, J.P. Morgan, Morgan Stanley, M&T Securities, Raymond James, UBS, Wells Fargo.
- Series L ranks senior to common stock and equally with existing Series F, H, I, J, K preferred stock.