Company: MTB-PJ
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001193125-25-257002
Chunk: 13

Company: M&T BANK CORP
Filing Date: 2025-10-30
Form: 424B5
Chunk 13
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, the Preferred Stock places no restrictions
on our

S-6

business or operations or on our ability to incur indebtedness or engage in any transactions, subject only to the limited voting rights referred to below and under “Description of Series K
Preferred Stock—Voting Rights.”

Our ability to pay dividends depends upon the results of operations of our subsidiaries.

We are a financial holding company and conduct substantially all of our operations through subsidiaries. In particular, M&T Bank
represented 99% of our consolidated assets as of September 30, 2025. As a result, our ability to make dividend payments on the Preferred Stock will depend primarily upon the receipt of dividends and other distributions from our subsidiaries.
Various legal limitations restrict the extent to which our subsidiaries may extend credit, pay dividends or other funds, or otherwise engage in transactions with us or some of our other subsidiaries.

In addition, our right to participate in any distribution of assets from any subsidiary, upon the subsidiary’s liquidation or otherwise,
is subject to the prior claims of creditors of that subsidiary, except to the extent that we are recognized as a creditor of that subsidiary. As a result, the Preferred Stock will be effectively subordinated to all existing and future liabilities of
our subsidiaries. Further, the Preferred Stock places no restrictions on the ability of our subsidiaries to incur additional indebtedness.

Dividends on the Preferred Stock will be discretionary and non-cumulative, andmay not be paid to the extent such payment will result in our failure to comply with all applicable laws and regulations.

Dividends on the Preferred
Stock will be discretionary and non-cumulative. Consequently, if our board of directors, or any duly authorized committee of the board, does not authorize and declare a dividend on the Preferred
Stock for any dividend period, holders of the Preferred Stock will not be entitled to receive any dividend for that dividend period, and the unpaid dividend will cease to accrue or be payable. We will have no obligation to pay dividends accrued for
a dividend period after the dividend payment date for that period if our board of directors, or any duly authorized committee of the board, has not declared a dividend before the related dividend payment date, whether or not dividends on the
Preferred Stock or any other series of our preferred stock or our common stock are declared for any future dividend period.

In addition,
if and to the extent payment of dividends on Preferred Stock for any dividend period would cause us to fail to comply with any applicable law or regulation, we will not declare or pay a dividend for