Company: MTB-PJ
Filing Date: 2025-10-30
Form Type: 424B5
Source: 0001193125-25-257002
Chunk: 20

Company: M&T BANK CORP
Filing Date: 2025-10-30
Form: 424B5
Chunk 20
---
 such additional shares are fungible for U.S. federal income tax purposes with the shares of Preferred Stock and the related depositary shares offered hereby. We may also issue additional shares of other series of preferred stock at any time and
from time to time, without notice to or the consent of holders of the Preferred Stock or the related depositary shares.

Dividends

Holders of the Preferred Stock shall be entitled to receive, when, as and if declared by our board of directors, or a duly authorized committee
of our board of directors, out of funds legally available therefor in amounts permitted by applicable law and regulatory authorities, non-cumulative cash dividends based on the liquidation preference
of $10,000 per share (equivalent to $25 per depositary share). Dividends will be payable to holders of record on the 15th calendar day before such dividend payment date or such other record date not more than 60 nor less than 10 days preceding such
dividend payment date fixed for that purpose by our board of directors, or a duly authorized committee of our board, in advance of payment of each particular dividend.

If declared by our board of directors, or a duly authorized committee of our board of directors, we will pay dividends on the Preferred Stock
quarterly, in arrears, on March 15, June 15, September 15 and December 15 of each year, beginning on December 15, 2025.

S-12

Dividends on the Preferred Stock will accrue from and including the later of (x) the
original issue date and (y) the most recent dividend payment date at a rate equal to 6.350% per annum for each dividend period. We will calculate dividends on the Preferred Stock on the basis of
a 360-day year of twelve 30-day months. Dollar amounts resulting from those calculations will be rounded to the nearest cent, with one-half cent being rounded upward.

If we issue additional Preferred Stock after the
original issue date, dividends on such shares will accrue from the original issue date if such shares are issued prior to the first dividend payment date and otherwise will accrue from the date on which such shares are issued (if it is a dividend
payment date) or the dividend payment date next preceding the date they are issued.

In the event that any dividend payment date falls on
a day that is not a Business Day (as defined below), then such date shall nevertheless be a dividend payment date but the dividend payment due