Company: MTB-PJ
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001193125-25-257002
Chunk: 57

Company: M&T BANK CORP
Filing Date: 2025-10-30
Form: 424B5
Chunk 57
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 share. If all the depositary shares are not sold at the initial offering price, the underwriters may change the offering price and the other selling terms. The underwriting fee is equal to the public offering price per depositary share less the amount paid by the underwriters to us per depositary share. The following table shows the underwriting discount to be paid to the underwriters.

|                      |     | Underwriting 
 Discount(1)  |              |
|:---------------------|:----|:-------------|-------------:|
| Per Depositary Share |     | $            |       0.4496 |
| Total                |     | $            | 8,092,123.25 |

| (1) | Reflects 11,316,980 depositary shares sold to institutional investors, for which the underwriters receive an                                                                                                  
 underwriting discount of $0.2500 per depositary share, and 6,683,020 depositary shares sold to retail investors, for which the underwriters receive an underwriting discount of $0.7875 per depositary share. |

S-36

We estimate that our total expenses of this offering, including registration, filing fees,
printing fees and legal and accounting expenses, but excluding the underwriting discount, will be approximately $450,000.

We have agreed
to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act.

The depositary shares are a
new issue of securities, and there is currently no established trading market for depositary shares. 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. We intend to apply to list the depositary shares on the NYSE under the symbol “MTBPrK.” If the application is approved, we expect trading of the depositary shares on the NYSE to begin within
the 30-day period after the initial delivery of the depositary shares. However, we cannot assure you that a liquid trading market for the depositary shares will develop, that you will be able to sell
your depositary shares at a particular time or that the price you receive when you sell will be favorable.

Other than in the United
States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus supplement in any jurisdiction where action for that purpose is required.

The securities offered by this prospectus supplement and the accompanying prospectus may not