M&T Bank Corporation reported that it created a new class of preferred equity and completed a related public offering of depositary shares representing interests in that stock. On July 17, 2026, M&T filed a certificate of amendment with the New York State Department of State establishing the terms of a new series designated **Perpetual 6.625% Non-Cumulative Preferred Stock, Series L**, par value **$1.00 per share** and liquidation preference **$10,000 per preferred share**. The amendment became effective immediately upon filing. The action was reported under **Item 3.03**, material modification to rights of security holders, and **Item 5.03**, amendments to articles of incorporation or bylaws. The preferred stock issuance was tied to an underwriting agreement dated **July 16, 2026**. Under that agreement, M&T agreed to sell **24,000,000 depositary shares**, with each depositary share representing a **1/400th interest** in one share of Series L Preferred Stock. That structure means the depositary shares represent **60,000 shares** of Series L Preferred Stock in total, with an aggregate liquidation preference of approximately **$600 million**. Each depositary share corresponds to a **$25 liquidation preference**. The public offering was completed on **July 21, 2026**. The underwriting syndicate was led by **BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, M&T Securities, Inc., Raymond James & Associates, Inc., UBS Securities LLC, and Wells Fargo Securities, LLC**, acting as representatives of the underwriters named in the agreement. The Series L Preferred Stock ranks **senior to M&T’s common stock** and on parity with the company’s outstanding **Series F, Series H, Series I, Series J and Series K preferred stock** with respect to dividends and distributions upon liquidation, dissolution or winding up. The new preferred stock is described as **perpetual**, meaning it has no maturity date. Holders are entitled to receive **non-cumulative cash dividends** when, as and if declared by M&T’s board of directors or an authorized board committee. Dividends accrue from the original issue date at an annual rate of **6.625%** on the $10,000 stated amount per preferred share, equivalent to the same rate on the **$25 per depositary share** amount. If declared, dividends will be paid quarterly in arrears on **March 15, June 15, September 15 and December 15**, beginning **September 15, 2026**. Because the dividends are non-cumulative, unpaid dividends do not accumulate if they are not declared for a dividend period. The terms also impose restrictions if M&T fails to declare dividends on the Series L Preferred Stock for the most recently completed dividend period. In that event, the company’s ability to pay dividends or make distributions on common stock or parity/junior preferred stock, or to redeem or repurchase such securities, may be limited. Similar protections apply in a liquidation context if holders of the Series L Preferred Stock are not paid the stated liquidation amount of **$10,000 per share**, plus any declared and unpaid dividends. M&T may redeem the Series L Preferred Stock, in whole or in part, on any dividend payment date on or after **September 15, 2031**, at **$10,000 per preferred share**, or **$25 per depositary share**, plus any declared but unpaid dividends. The company may also redeem the Series L Preferred Stock in whole, but not in part, within 90 days after certain regulatory capital treatment events, subject to the limitations described in the certificate of amendment. Voting rights for the Series L Preferred Stock are limited. Holders may vote on matters such as authorizing or increasing senior-ranking stock, certain amendments affecting the Series L terms, specified mergers or similar transactions, and the election of directors after certain dividend non-payment events. Depositary share holders must exercise any voting rights through **Computershare Inc. and Computershare Trust Company, N.A.**, which act jointly as depositary. The filing also lists related exhibits, including the underwriting agreement, the certificate of amendment, the deposit agreement dated **July 21, 2026**, the form of depositary receipt, and a legal opinion from Squire Patton Boggs. The report does not describe an insider stock transaction, transaction codes, or post-transaction insider ownership; instead, it documents a capital-raising and capital-structure action through the issuance of a new preferred stock series.