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M&T Bank Corporation Comments on Federal Reserve Capital Plan Review
PR Newswire
BUFFALO, N.Y.

BUFFALO, N.Y., March 14, 2012 -- M&T Bank Corporation (NYSE: MTB) ("M&T") announced today that it was part of the Federal Reserve Board's limited Capital Plan Review of eleven bank holding companies which was conducted in parallel with its Comprehensive Capital Analysis and Review of the nineteen largest bank holding companies. 

Based on that assessment, M&T will continue its current common stock dividend at the annual rate of $2.80 per share, subject to approval by M&T's board of directors in the ordinary course of business.  That dividend has been unchanged since 2007 and represents a 3.34% yield based upon yesterday's closing price.  In connection with this review, the Federal Reserve did not inform M&T of the need for any capital actions, such as the issuance of common shares, nor did it express any concerns with M&T's current or prospective capital levels.  To the extent that M&T wishes to increase its common stock dividend, repurchase common shares or repay its remaining $381.5 million in TARP preferred stock, M&T would need to submit another capital plan to the Federal Reserve.

M&T is a financial holding company headquartered in Buffalo, New York.  It remained one of the best performing U.S. banks throughout the recent financial crisis and has been profitable in each quarter for the last 35 years.  Through its acquisition of two financially challenged institutions and three failed bank transactions through which M&T assisted the FDIC over the past four years, it has provided strong support to the U.S. financial system.  M&T originally issued $600 million of TARP preferred stock, equating to approximately 1% of its risk-weighted assets and the lowest percentage among the top 20 U.S. commercial banks, before assuming an additional $481.5 million of TARP preferred stock through these acquisitions.  By issuing $500 million of perpetual preferred stock to the market and redeeming $700 million of TARP preferred stock in May 2011, M&T repaid an amount exceeding the balance of TARP preferred stock that it originally issued and has and will continue to fulfill its core role as a credit intermediary.

 

Investor Contact: 

Donald J. MacLeod 

(716) 842‑5138