# EDGAR Filing Document

**Accession Number:** 0000036270
**File Stem:** 0001193125-25-253848
**Filing Date:** 2025-10
**Character Count:** 6921
**Document Hash:** 03d163e6e1211281d7855b6a2d0a0027
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-253848.hdr.sgml**: 20251028

**ACCESSION NUMBER**: 0001193125-25-253848

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251028

**DATE AS OF CHANGE**: 20251028

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** M&T BANK CORP
- **CENTRAL INDEX KEY:** 0000036270
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 160968385
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-274646
- **FILM NUMBER:** 251425847

**BUSINESS ADDRESS:**
- **STREET 1:** C/O LEGAL
- **STREET 2:** ONE M&T PLAZA
- **CITY:** BUFFALO
- **STATE:** NY
- **ZIP:** 14203
- **BUSINESS PHONE:** 7165593172

**MAIL ADDRESS:**
- **STREET 1:** C/O LEGAL
- **STREET 2:** ONE M&T PLAZA
- **CITY:** BUFFALO
- **STATE:** NY
- **ZIP:** 14203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EMPIRE STATE CORP
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** M&T BANK CORP
- **CENTRAL INDEX KEY:** 0000036270
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 160968385
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** C/O LEGAL
- **STREET 2:** ONE M&T PLAZA
- **CITY:** BUFFALO
- **STATE:** NY
- **ZIP:** 14203
- **BUSINESS PHONE:** 7165593172

**MAIL ADDRESS:**
- **STREET 1:** C/O LEGAL
- **STREET 2:** ONE M&T PLAZA
- **CITY:** BUFFALO
- **STATE:** NY
- **ZIP:** 14203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIRST EMPIRE STATE CORP
- **DATE OF NAME CHANGE:** 19920703

**Filed Pursuant to Rule 433** 

**Registration No. 333-274646** 

**October 28, 2025**![LOGO](g95712g1029015503668.jpg)

**M&T Bank Corporation** 

**18,000,000 Depositary Shares, Each Representing a 1/400th Interest** 

**in a Share of Perpetual 6.350% Non-Cumulative Preferred Stock, Series K** 

**<u>Pricing Term Sheet</u>**

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| | |
|:---|:---|
| Issuer: | M&T Bank Corporation (the "*Issuer*") |
| Expected Ratings<br> (Moody's/S&P/Fitch/DBRS)\*: | Baa3/BB+/BBB-/BBB |
| Securities: | Depositary shares (the "*Depositary Shares*"), each representing a 1/400th interest in a share of the Issuer's Perpetual 6.350% Non-Cumulative Preferred Stock, Series K (the "*Preferred Shares*") |
| Liquidation Preference: | $10,000 liquidation preference per Preferred Share (equivalent to $25 per Depositary Share) |
| Number of Depositary Shares: | 18,000,000 (corresponding to 45,000 Preferred Shares) |
| Aggregate Offering Size: | $450000000 |
| Offering Price: | $25 per Depositary Share |
| Underwriting Discount: | 1.000% per Depositary Share sold to institutional investors and 3.150% per Depositary Share sold to retail investors |
| Proceeds to Issuer before Expenses: | $441,907,876.75 total |
| Trade Date: | October 28, 2025 |
| Settlement Date: | October 31, 2025 (T+3)\*\* |
| Maturity Date: | Perpetual |

---

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| | |
|:---|:---|
| Dividend Payment Dates: | Quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2025. |
| Dividend Rate (Non-Cumulative): | 6.350% per annum on the stated amount of $10,000 per Preferred Share (equivalent to $25 per Depositary Share). |
| Day Count Convention: | 30/360 |
| Optional Redemption: | At the Issuer's option, (i) in whole or in part, from time to time, on December 15, 2030 and any subsequent dividend payment date or (ii) in whole but not in part at any time within 90 days after a regulatory capital treatment event (as defined in the preliminary prospectus supplement), in each case, at a redemption price equal to $10,000 per Preferred Share (equivalent to $25 per Depositary Share), plus any declared and unpaid dividends. |
| Listing: | The Issuer intends to apply for listing of the depositary shares on the New York Stock Exchange ("*NYSE*") under the symbol "MTBPrK." If the application is approved, trading of the depositary shares on the NYSE is expected to commence within a 30-day period after the initial delivery of the depositary shares. |
| CUSIP / ISIN: | 55261F 849 / US55261F8499 |
| Joint Book-Running Managers: | RBC Capital Markets, LLC<br> BofA Securities, Inc.<br> M&T Securities, Inc.<br> Morgan Stanley & Co. LLC<br> UBS Securities LLC<br> Wells Fargo Securities, LLC |
| Co-Managers: | Loop Capital Markets LLC<br> R. Seelaus & Co., LLC<br> Raymond James & Associates, Inc. |

---

**The Depositary Shares are not deposits or other obligations of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.** 

\* The security ratings above are not a recommendation to buy, sell or hold the Securities. The ratings may be subject to revision or withdrawal at any time. Each of the security ratings above should be evaluated independently of any other security rating.

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\*\* Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless the parties to the trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Depositary Shares prior to one business day before the Settlement Date will be required, by virtue of the fact that the Depositary Shares initially will settle in T+3, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors. 

**The Issuer has filed a registration statement (including a base prospectus), with the SEC for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and accompanying base prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling or emailing RBC Capital Markets, LLC at 1-866-375-6829, BofA Securities, Inc. toll-free at 1-800-294-1322 (or by email at dg.prospectus_requests@bofa.com), Morgan Stanley & Co. LLC at 1-866-718-1649, UBS Securities LLC toll-free at 1-833-481-0269, or Wells Fargo Securities, LLC at 1-800-645-3751.** 

**Any disclaimer or other notice that may appear below is not applicable to this communication and should be disregarded. Such disclaimer or notice was automatically generated as a result of this communication being sent by Bloomberg or another email system.**