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M&T Bank Corp., 5.00% Fixed Rate Cumulative Perpetual Preferred Stock, Series A
Ticker Symbol: MTB-* CUSIP: 55261F609 Exchange: NYSE
* NOTE: This security is no longer trading as of 8/30/2019
Security has been Called for: Friday, August 30, 2019
July 31, 2019 /PRNewswire/ -- M&T Bank Corporation today announced it is calling for redemption of all outstanding shares of its 6.375% Fixed Rate Cumulative Perpetual Preferred Stock, Series A and all outstanding shares of its 6.375% Fixed Rate Cumulative Perpetual Preferred Stock, Series C. There are currently 230,000 issued and outstanding shares of Series A Preferred Stock and 151,500 issued and outstanding shares of Series C Preferred Stock. The shares of the Series A Preferred Stock (NYSE: MTBPr) and the shares of the Series C Preferred Stock (NYSE: MTBPrC) will be redeemed on August 30, 2019 at a redemption price of $1,000 per share, plus all accrued and unpaid dividends to, but excluding, the Redemption Date. On and after the Redemption Date, no shares of Series A Preferred Stock or Series C Preferred Stock will be deemed outstanding and no further dividends will be declared or accrue on such shares. The Redemption Price will not accrue interest from and following the Redemption Date. The notice of redemption specifying the terms, conditions and procedures for the redemption will be mailed to the holders of record of shares of the Series A Preferred Stock and the Series C Preferred Stock. The Redemption Notice is available by contacting: Computershare Inc. or Computershare Trust Company, N.A., the paying agent for the Series A Preferred Stock and the Series C Preferred Stock, by mail at 150 Royall Street Canton, MA 02021 Attention: Corporate Actions, 1-800-546-5141 (1-781-575-2765 outside the United States and Canada). Questions regarding the redemption may be directed to Computershare.
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QUANTUMONLINE.COM SECURITY DESCRIPTION: M&T Bank Corp., 5.00% Fixed Rate Cumulative Perpetual Preferred Stock, Series A, liquidation preference $1000 per share, redeemable at the issuer's option on or after 11/15/2018 at $1000 per share plus accrued and unpaid dividends, and with no stated maturity. Cumulative distributions of 5.00% per annum ($50.00 per annum or $12.50 per quarter) through 2/14/2014 will be paid quarterly on 2/15, 5/15, 8/15 & 11/15 to holders of record on the record date that will be the 15th calendar day prior to the payment date or on the record date fixed by the board, not more than 60 days or less than 10 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date). The dividend rate is scheduled to increase to 9.00% on and after 2/15/2014 if the amendment detailed in the prospectus is not approved by shareholders. On approval of the amendment the dividend rate will increase to 6.375% on and after 11/15/2013. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event (see the prospectus for further information) which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-25 of the prospectus for further information). In regard to the payment of dividends and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company. See the IPO prospectus for further information on the preferred stock by clicking on the ‘Link to IPO Prospectus’ provided below. The Series A Preferred Shares were originally issued to the U.S. Treasury on December 23, 2008 as part of Treasury’s Troubled Asset Relief Program Capital Purchase Program.
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Go to Parent Company's Record (MTB)
IPO - 8/21/2012 - 230,000 Shares @ $1000.00 /share.
Link to IPO Prospectus
Market Value $230.0 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Company's Email Address Links |
| Address and Phone Numbers |
| Address: One M&T Plaza, Buffalo, NY 14203 |
| Main Phone Number |
716-635-4000 |
| Fax Number |
716-842-5489 |
| Investor Relations
Donald J. MacLeod
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716-842-5138
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| Toll Free Phone Number |
800-724-2440 |
| CEO - René F. Jones |
CFO - Darren J. King |
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