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M&T Bank Corp. Fix/Float Non-Cumulative Preferred Stock Series H
Ticker Symbol: MTB-H CUSIP: 55261F872 Previous CUSIP: 712704204 Exchange: NYSE
QUANTUMONLINE.COM SECURITY DESCRIPTION: M&T Bank Corp. Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H, formerly People’s United Financial, Inc., 5.625% Fixed to Floating Non-Cumululative Perpetual Preferred Stock, Series A, liquidation preference $25 per share, redeemable at the issuer's option on or after 12/15/2026 04/01/2027 at $25 per share plus declared and unpaid dividends, and with no stated maturity. Fixed non-Cumulative distributions of 5.625% per annum ($1.40625 per annum or $0.3515625 per quarter) will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date fixed by the board, not more than 30 days prior to the payment date (NOTE: the ex-dividend date is one business day prior to the record date)). On and after 12/15/2026 distributions will be paid quarterly on 3/15, 6/15, 9/15 & 12/15 at a floating rate equal to the three-month LIBOR 3-month CME Term SOFR rate plus a spread adjustment of 0.26161% plus 4.02% per annum. The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. 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-38 of the prospectus for further information). This security was rated as Ba1 by Moody’s and BB+ by S&P at the date of its IPO. This security is possibly subject to an early call as a result of the occurrence of a regulatory capital treatment event which no longer allows the company to include the funds originating from this security as Tier 1 capital on their balance sheet (see 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.
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Go to Parent Company's Record (MTB)
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Notes: Update from IR no 2/7/2025: In connection with the merger, the former People’s United Series A preferred was replaced by the new Series H preferred. Other than the call date, the terms of the Series H were substantially identical to those of the prior People’s United preferred. The extended call date was necessary in order for the security to qualify as Tier 1 regulatory capital, as the 12/15/26 call date for the former People’s United Series A was less than five years after the issuance of the Series H at the merger date in April 2022. The call date is 4/1/27.
Update from IR no 2/7/2025: In connection with the merger, the former People’s United Series A preferred was replaced by the new Series H preferred. Other than the call date, the terms of the Series H were substantially identical to those of the prior People’s United preferred. The extended call date was necessary in order for the security to qualify as Tier 1 regulatory capital, as the 12/15/26 call date for the former People’s United Series A was less than five years after the issuance of the Series H at the merger date in April 2022. The call date is 4/1/27.
Found in the 10K filed February 21, 2024 -- Dividends, if declared, are paid quarterly at a rate of 5.625% through December 14, 2026 and thereafter will be paid quarterly at a rate of the three-month SOFR plus 428 basis points. The shares are redeemable in whole or in part on or after April 1, 2027. June 14, 2023 -- M&T Bank Corporation (NYSE: MTB, M&T) announced today that CME Term SOFR will be the replacement reference rate for certain outstanding floating rate and fixed-to-floating rate debt securities, preferred stock, and trust preferred securities issued by M&T and certain of its subsidiaries that use three-month U.S. dollar LIBOR as the reference rate and that are governed by U.S. law or the law of a U.S. state. This will be effective after June 30, 2023.
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IPO - 10/24/2016 - 10.00 Million Shares @ $25.00 /share.
Link to IPO Prospectus
Previous Ticker Symbol: PBCTP Changed: 4/01/2022
Previous Name: People’s United Financial, Inc Changed: 4/01/2022
Market Value $ 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
Brian Klock
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716-842-5138
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| Toll Free Phone Number |
800-724-2440 |
| CEO - René F. Jones |
CFO - Daryl Bible |
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