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5 thoughts on “M&T Bank to Sell a New Preferred”

  1. One would think a bank like MTB which seems to be doing “ok” based on its earnings and common stock share price would want to avoid issuing a preferred at these high rates.

    “We intend to use the net proceeds of this offering for general corporate purposes, which may include the redemption of existing preferred stock.”

    So it must be their desire to call their reset rate preferred coming up soon. That reset is only buyable by pros it appears.

    1. Just to be clear they appear to have 3 preferred outstanding. The ones they might plan to call are:
      M&T Bank Corp. 5% Dep Shares Series G Reset Rate Non-Cumul Perpetual Prfd Stock
      Ticker Symbol: TEMP09 CUSIP: 55261FAL8 call date 8/1/24.
      M&T Bank Corp., 6.45% Perp Fixed/Float Non-Cumulative Preferred Stock Series E
      Ticker Symbol: MTBPP CUSIP: 55261FAG9 2/15/2024

        1. 1519 EST. Vanguard – after 15 minutes of wait & BS – says these are on
          the “gray” sheets and they are not selling otc stocks anymore.

          2 local M&T branches: No sales rep in one, the other one n needs an appt.

          Me thinks they are very worried bout dem dare loans from which they obtained high fees.

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