M&T Bank Corporation Declares $0.414075 Series L Preferred Dividend

M&T Bank Corporation declared a quarterly cash dividend of $0.414075 per Series L depositary share, setting a Dec. 15 payment date for holders of record at the close of business Dec. 1.

The Oct. 20 declaration amounts to $165.63 for each Series L preferred share. Each depositary share represents 1/400th of a preferred share, so the two amounts describe the dividend at different share sizes.

Series L is perpetual, noncumulative preferred stock with a 6.625% annual dividend rate. Its depositary shares have a $25 liquidation preference each.

Holders must be on record at the close of business Dec. 1 to receive the payment scheduled for Dec. 15.