Company: MTB-PJ
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001193125-25-257002
Chunk: 18

Company: M&T BANK CORP
Filing Date: 2025-10-30
Form: 424B5
Chunk 18
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     | the market for similar securities. |

Accordingly, the depositary shares may trade at a discount to the price per share paid for such shares even if a secondary market for the depositary shares develops, and transaction costs in the secondary market could be high. We may issue additional depositary shares, shares of Preferred Stock, securities convertible or exchangeable for Preferred Stock or a new series of preferred stock that ranks equally with the Preferred Stock, and thereby materially and adversely affect the price of the depositary shares and the Preferred Stock. We are not restricted from authorizing or issuing additional depositary shares, shares of Preferred Stock, securities convertible or exchangeable for Preferred Stock, or a new series of preferred stock that ranks equally with the Preferred Stock. We have no obligation to consider the interest of the holders of the Preferred Stock or the depositary shares representing the Preferred Stock in engaging in any such offering or transaction. If we issue such additional securities, it may materially and adversely affect the price of the depositary shares and/or Preferred Stock. We may not issue shares ranking senior to the Preferred Stock represented by the depositary shares as to dividend rights or distributions upon our liquidation without the approval of holders of at least two-thirds ofthe outstanding aggregate liquidation preference of the Preferred Stock represented by the depositary shares, voting as a single class. Any reduction in our credit rating could increase the cost of our funding from the capital markets or negatively impact the trading price of the depositary shares. The major credit rating agencies regularly evaluate us and their ratings of our long-term debt, hybrid securities and preferred stock based on a number of factors, including our financial strength and conditions affecting the financial services industry generally. The ratings assigned to M&T and M&T Bank remain subject to change at any time, and it is possible that any ratings agency will take action to downgrade M&T, M&T Bank or both in the future. Any such action could negatively affect the rating and/or trading price of the depositary shares. In addition, rating agencies have themselves been subject to scrutiny, such that the rating agencies may make or may be required to make substantial changes to their ratings policies and practices. Such changes may, among other things, adversely affect the ratings of M&T or M&T Bank. Any decrease in our credit ratings could limit our access to the capital markets or short-term funding or increase our financial costs, and thereby adversely affect our financial condition and liquidity or negatively impact the trading price of the depositary shares in any secondary market. S-10

USE OF PROCEED