Company: MTB-PJ
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001193125-25-257002
Chunk: 17

Company: M&T BANK CORP
Filing Date: 2025-10-30
Form: 424B5
Chunk 17
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 will have voting rights only with respect to amending our certificate of incorporation to authorize or increase stock ranking senior to the Preferred Stock, certain changes in terms of the Preferred Stock, certain dividend non-payments andas otherwise required by applicable law. See “Description of Series K Preferred Stock—Voting Rights.” Holders of depositary shares must act through the depositary to exercise any voting rights of the Preferred Stock. See “Description of the Depositary Shares—Voting the Preferred Stock.” You may find it difficult to sell your depositary shares. You may find it difficult to sell your depositary shares because an active trading market for the depositary shares may not develop. The depositary shares are new securities for which there currently is no established trading market. Although we intend to apply to list the depositary shares on the NYSE, there is no guarantee that we will be able to list the depositary shares. Even if the depositary shares are listed, there may be little or no secondary market for the depositary shares and transaction costs in any secondary market could be high. As a result, the difference between bid and asked prices in any secondary market could be substantial. Further, because the shares of the Preferred Stock do not have a stated maturity date, investors seeking liquidity in the depositary shares will be limited to selling their depositary shares in the secondary market. We do not expect that there will be any separate public trading market for the shares of the Preferred Stock except as represented by the depositary shares. If a market for the depositary shares does develop, it is possible that you will not be able to sell your depositary shares at a particular time or that the prices that you receive when you sell will not be favorable. It is also possible that any trading market that does develop for the depositary shares will not be liquid. Future trading prices of the depositary shares cannot be predicted and will depend on many factors, including:

| • |     | our operating performance, financial condition, reputation and prospects, or the operating performance, financial 
 condition, reputation and prospects of our competitors;                                                           |

| • |     | our creditworthiness; |

| • |     | the ratings given to our securities by credit rating agencies, including the ratings given to the Preferred 
 Stock;                                                                                                      |

S-9

| • |     | prevailing interest rates; |

| • |     | economic, financial, geopolitical, regulatory or judicial events affecting us, the banking industry or the 
 financial markets generally; and                                                                           |

| • |