BUFFALO, NY, July 19, 2022 /PRNewswire/ — M&T Bank Corporation (“M&T”) (NYSE: MTB) announced that its Board of Directors has authorized the repurchase of up to $3.0 billion ordinary shares, $0.50 nominal value per share, on the open market or in over-the-counter transactions. The authorization replaces the previous one $800 million share buyback program authorized by the Board January 2021 and reauthorized in February 2022.
Darren KingM&T’s Chief Financial Officer, said: “This Board action supports our ability to manage our shareholders’ capital prudently, consistent with our long-standing approach. Our top priority in allocating capital is to support customers in the communities we serve while continuing to invest in our businesses. Our earnings and strong capital position provide the flexibility to achieve these important goals while returning excess capital to our investors.
The exact number of shares, the timing of such purchases, and the price and terms at which such purchases are to be made will be at the discretion of M&T and will comply with any applicable regulatory limitations.
M&T also announced that it has declared a quarterly cash dividend of $0.3515625 per share on its Non-Stackable Fixed/Floating Rate Perpetual Preferred Shares, Series H (“Series H Preferred Shares”) (NYSE: MTBPrH). The dividend will be payable September 15, 2022 to shareholders of record at the close of business on September 1, 2022.
M&T is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, provides banking products and services in 12 states in the northeastern United States, from Maine at Virginia and washington d.c. Trust-related services are provided in certain markets in the United States and abroad by affiliates of M&T’s Wilmington Trust and M&T Bank.
Forward-looking statements. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections. . regarding the business of the Company, the beliefs of management and the assumptions made by management. Forward-looking statements are generally identified by words such as “believe”, “expect”, “anticipate”, “intend”, “target”, “estimate”, “continue” or “potential”, by future conditional verbs such as “will”, “would”, “should”, “might” or “can”, or by variations of these words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual actions, results and outcomes may differ materially from what is expressed or anticipated in such forward-looking statements. M&T provides further details regarding the risks, uncertainties and other factors that could affect the outcome of forward-looking statements in its public filings, including the “Risk Factors” described in M&T’s Form 10-K for the financial year ended December 31, 2021. Forward-looking statements speak only as of the date they are made, and M&T undertakes no obligation or undertaking to update any forward-looking statements.
SOURCE M&T Bank Corporation