Short answer
M&T Bank (MTB) filed an 8-K current report with the SEC on July 21, 2026 reporting Item 3.03 (Material Modification to Rights of Security Holders), Item 5.03 (Amendments to Articles of Incorporation or Bylaws), Item 8.01 (Other Events). New Series L preferred stock established: 6.625% perpetual, non-cumulative, $10,000 liquidation preference.
M&T Bank 8-K event analysis
AI summary of each reported item and its exhibits
Item 3.03 · Material Modification to Rights of Security Holders
- New Series L preferred stock established: 6.625% perpetual, non-cumulative, $10,000 liquidation preference
- M&T agreed to sell 24,000,000 depositary shares, each representing 1/400th of a Series L share
- Series L ranks senior to common stock and pari passu with Series F, H, I, J and K preferred stock
- Common and junior or parity preferred distributions face restrictions if Series L dividends are not declared
- Non-cumulative structure means undeclared dividends do not accrue for future payment
Item 5.03 · Amendments to Articles of Incorporation or Bylaws
- Series L Preferred Stock fixed at $10,000 per share, equivalent to $25 per Depositary Share
- 6.625% annual noncumulative dividend, payable quarterly beginning September 15, 2026
- Perpetual security with no maturity date, limiting investors’ expectation of principal repayment
- M&T redemption permitted from September 15, 2031, at $10,000 per share plus declared unpaid dividends
- Dividend payments subject to regulatory approval, capital adequacy requirements and legally available funds
Item 8.01 · Other Events
- M&T completed a public offering of 24,000,000 Series L preferred depositary shares on July 21, 2026
- Each depositary share represents a 1/400th interest in one Series L Preferred Stock share
- Offering expands M&T’s preferred-equity capital base and may support regulatory capital and funding flexibility
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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