M&T Bank Corporation (NYSE: MTB) completed a public offering of 24,000,000 depositary shares on July 21, 2026, each representing a 1/400th interest in a share of its newly established Perpetual 6.625% Non-Cumulative Preferred Stock, Series L.

The Series L Preferred Stock carries a liquidation preference of $10,000 per share, or $25 per depositary share, and a par value of $1.00 per share. M&T filed a certificate of amendment with the New York State Department of State on July 17, 2026, to establish the new series, which became effective immediately upon filing.

Dividends on the Series L Preferred Stock will accrue at 6.625% per annum and, if declared by M&T's board of directors, will be paid quarterly in arrears on March 15, June 15, September 15, and December 15 each year, beginning September 15, 2026. Dividends are non-cumulative, meaning undeclared dividends do not accumulate.

The stock is perpetual with no maturity date. M&T may redeem the Series L Preferred Stock in whole or in part on any dividend payment date on or after September 15, 2031, or in whole following a regulatory capital treatment event, at $10,000 per share plus any declared but unpaid dividends.

The Series L Preferred Stock ranks senior to M&T's common stock and equally with its outstanding Series F, H, I, J, and K preferred stock with respect to dividends and liquidation payments.

The underwriting agreement, dated July 16, 2026, named BofA Securities, J.P. Morgan Securities, Morgan Stanley & Co., M&T Securities, Raymond James & Associates, UBS Securities, and Wells Fargo Securities as representatives of the underwriters.