WASHINGTON – Today, the U.S. Department of the
Treasury announced that it had priced a secondary offering at par of the
230,000 shares of M&T Bank Corporation (“M&T”) Fixed Rate Cumulative Perpetual
Preferred Stock, Series A, and 151,500 shares of M&T Fixed Rate Cumulative
Perpetual Preferred Stock, Series C. The aggregate net proceeds to
Treasury from the offering are expected to be $381.5 million plus unpaid and
After this offering, Treasury will no longer hold any shares of
M&T’s preferred stock. Treasury will continue to hold warrants to
purchase 1,721,447 shares of M&T’s common stock – the disposition of which
will provide additional proceeds to taxpayers.
bank programs have already earned a significant profit for taxpayers. Including
the expected proceeds from today’s transaction, Treasury has
recovered $265 billion from TARP’s bank programs through
repayments, dividends, interest, and other income – compared to the $245 billion
initially invested. Each additional dollar recovered from TARP’s
bank programs is an additional dollar of profit for taxpayers.
closing is expected to occur on or about August 21, 2012, subject to customary
closing conditions. Merrill Lynch, Pierce, Fenner & Smith
+ Partners, L.P. (“Sandler
RBC Capital Markets, LLC (“RBC”) and Stifel,
Nicolaus & Company, Incorporated
are the joint bookrunning managers for the offering.
A preliminary prospectus supplement and related base
prospectus (together, the “preliminary prospectus”) concerning the offering was
filed with the Securities and Exchange Commission (“SEC”) on August 17, 2012,
and a final prospectus supplement and related base prospectus (together, the
“final prospectus”), when available, will be filed by M&T with the SEC and
will be available on the SEC’s website http://www.sec.gov.
Copies of the preliminary prospectus and the final prospectus
may be obtained, when available, from Merrill Lynch via email at firstname.lastname@example.org
or (800) 294-1322 or from Sandler O’Neill via email at email@example.com or
(866) 805-4128, from RBC via email at firstname.lastname@example.org
or (866) 375-6829 and from Stifel via email at Syndicateops@stifel.com or (443) 224‐1988.
you invest, you should read the preliminary prospectus and other documents
M&T has filed with the SEC for more complete information about M&T and
the preferred stock.
news release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state or
Today’s sale is part of Treasury's ongoing efforts to exit
its remaining TARP investments and recover taxpayer dollars. Nearly 84 percent
($349 billion) of the $416 billion funds disbursed for TARP have already been
recovered to date through repayments and other income. For more details
on Treasury’s lifetime cost estimates for TARP programs, please visit
Treasury’s Monthly 105(a) Report to Congress on TARP at this link.
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