AI English summary of an SEC filing — figures as filed
M&T Bank MTBM&T filed a certificate of amendment with the New York State Department of State on May 9, 2024, creating a new series of Perpetual 7.500% Non-Cumulative Preferred Stock, Series J, with a par value of $1.00 per share and a liquidation preference of $10,000 per share, the company said.
Key points
AI summaryM&T filed a certificate of amendment with the New York State Department of State on May 9, 2024, creating a new series of Perpetual 7.500% Non-Cumulative Preferred Stock, Series J, with a par value of $1.00 per share and a liquidation preference of $10,000 per share, the company said.
M&T said it agreed under an underwriting agreement dated May 6, 2024 to sell 30,000,000 depositary shares to the underwriters, each representing a 1/400 interest in a share of its Series J preferred stock, totaling 1 shares of Series J preferred stock, and completed the public offering on May 13.
The company said holders of Series J preferred stock will receive non-cumulative cash dividends at an annual rate of 7.500% of the stated amount, payable only if declared by its board, quarterly beginning on September 15, 2024. It added that dividends will not be declared or paid if doing so would cause it to fail to comply with applicable laws and regulations, including capital adequacy rules, or if it has not received required regulatory approvals.
The company said the Series J preferred stock is perpetual with no maturity date, and that it may redeem all or part of the shares on any dividend payment date on or after June 15, 2029. The redemption price is $10,000 per share ($25 per depositary share), plus any declared but unpaid dividends.
Summary
AI-writtenAnalysis scope · Filing bodyWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.
New Series J Preferred Stock Issued
M&T filed a certificate of amendment with the New York State Department of State on May 9, 2024, creating a new series of Perpetual 7.500% Non-Cumulative Preferred Stock, Series J, with a par value of $1.00 per share and a liquidation preference of $10,000 per share, the company said.
Source · Based on the filing body and exhibits
Offering of 30,000,000 Depositary Shares
M&T said it agreed under an underwriting agreement dated May 6, 2024 to sell 30,000,000 depositary shares to the underwriters, each representing a 1/400 interest in a share of its Series J preferred stock, totaling 1 shares of Series J preferred stock, and completed the public offering on May 13.
Source · Based on the filing body and exhibits
Dividend Terms and Payment Schedule
The company said holders of Series J preferred stock will receive non-cumulative cash dividends at an annual rate of 7.500% of the stated amount, payable only if declared by its board, quarterly beginning on September 15, 2024. It added that dividends will not be declared or paid if doing so would cause it to fail to comply with applicable laws and regulations, including capital adequacy rules, or if it has not received required regulatory approvals.
Source · Based on the filing body and exhibits
No Maturity Date and Redemption Terms
The company said the Series J preferred stock is perpetual with no maturity date, and that it may redeem all or part of the shares on any dividend payment date on or after June 15, 2029. The redemption price is $10,000 per share ($25 per depositary share), plus any declared but unpaid dividends.
Source · Based on the filing body and exhibits
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
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