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M&T Bank 8-K Report, Corporate Update (Jul 10, 2024)

Reports
Other Events
Filing Date
Filed July 10, 2024
Period End
July 10, 2024
In the record · 2016–202610-K1110-Q338-K161

MTB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 161 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’16Jan ’16
  2. Leadership change8-K · Jun ’22Jun ’22
  3. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed July 10, 2024. Cited figures are marked; the original filing is the authoritative source.

M&T Bank Corporation (MTB) filed a Form 8-K on July 10, 2024 under Item 8.01 (Other Events) to announce that it has elected to redeem all outstanding shares of its Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series E, par value $1.00a per share.

The filing states there are 350,000 issued and outstanding shares of Series E Preferred Stock (CUSIP No. 55261FAG9). The shares will be redeemed on August 15, 2024 (the Redemption Date) at a redemption price of $1,000b per share, plus all accrued and unpaid dividends from, and including, May 15, 2024, to, but excluding, the Redemption Date. After the Redemption Date, the shares will no longer be deemed outstanding, no further dividends will be declared or accrue, and holders' rights will cease except the right to receive the Redemption Price.

A notice of redemption sent to holders specifies the terms, conditions and procedures. The filing is otherwise routine in nature and includes standard forward-looking statement language, referring readers to the Risk Factors section of its Form 10-K for the year ended December 31, 2023.

It was signed by Daryl N. Bible, Senior Executive Vice President and Chief Financial Officer.

02—Key points

Key Highlights

  1. M&T announced it will redeem all 350,000 outstanding shares of its Series E Preferred Stock (CUSIP No. 55261FAG9).
  2. Redemption date is August 15, 2024.
  3. Redemption price is $1,000 per share, plus accrued and unpaid dividends from May 15, 2024 through the Redemption Date (excluded).
  4. Shares will cease to be outstanding on the Redemption Date, and no further dividends will be declared or accrue on them.
  5. Holders' rights terminate on the Redemption Date except the right to receive the Redemption Price.
  6. The Series E Preferred Stock is a Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock with a $1.00 par value per share.
  7. Formal notice of redemption has been provided to holders, specifying the terms, conditions and procedures.

03—Questions

Frequently Asked Questions

  1. What is M&T Bank announcing in this filing?

    M&T has elected to redeem all outstanding shares of its Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series E, of which 350,000 shares are outstanding.

  2. When will the Series E Preferred Stock be redeemed?

    The shares will be redeemed on August 15, 2024, the Redemption Date stated in the filing.

  3. How much will holders receive per share?

    Holders will receive $1,000 per share plus all accrued and unpaid dividends from, and including, May 15, 2024, to, but excluding, the Redemption Date.

  4. Will dividends continue to accrue after the redemption date?

    No. The filing states that on and after the Redemption Date, no further dividends will be declared or accrue on the shares, and the shares will no longer be deemed outstanding.

  5. Where can investors find more information on risks related to this announcement?

    The filing refers readers to the Risk Factors section of M&T's Form 10-K for the year ended December 31, 2023, and other public filings for further detail on factors that could affect forward-looking statements.

04—Continue

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