m & t bank corp (MTB) Key Developments
M&T Bank Corporation Declares Second Quarter Common Stock Dividend, Payable June 28, 2013
May 21 13
M&T Bank Corporation announced that it has declared a quarterly cash dividend of $0.70 per share on its common stock. The dividend will be payable June 28, 2013 to shareholders of record at the close of business on June 3, 2013.
M&T Bank Corporation Announces Executive Changes
May 15 13
Two years after once-proud Wilmington Trust was swallowed up by M&T Bank Corp. in what analysts called a 'take under,' the former president who served as the bank's face for decades has left M&T where he worked in community and customer relations. Robert V.A. Harra Jr., 64, who was Wilmington Trust's president when the bank was sold at a fire sale price to avoid 'significant regulatory actions,' retired on May 10, 2013, said Kent Wissinger, spokesman for the M&T unit that includes wealth advisory services and asset management. Wissinger that Harra was kept on at M&T to 'help with the transition of clients' as a senior vice president and that his retirement 'had been months in the planning.' Harra retired two days after former Wilmington Trust executive Joseph Terranova pleaded guilty to conspiracy to commit bank fraud. The day after Terranova appeared in court to plead guilty, his former supervisor at Wilmington Trust, Brian Bailey, resigned from his job at MidCoast Community Bank in Wilmington. Bailey was the market manager for Delaware at his past employer.
M&T Bank Corporation Launches Two New Merchant Service Products
May 14 13
M&T Bank Corporation Merchant Services division has launched two new products allowing small businesses and middle market customers to better manage their daily cash flow. The new additions at M&T include: M&T Mobile for Merchants -- featuring a small card reader that can be attached to smart phones or tablet devices to process credit card payments. Portfolio ManagerSM -- a significant upgrade to the Web-based reporting tool used by business customers on a daily basis for real-time monitoring of credit card transactions and other account information. The service also works for field-based businesses, such as landscaping providers, contractors, installation services or one-time events that traditionally use wireless terminals.
M&T Bank Promotes Christopher Callaghan and Craig P. Hallgren to Group Vice President
May 8 13
Christopher Callaghan and Craig P. Hallgren have been promoted to group vice president at M&T Bank. Callaghan, is the manager of M&T's Healthcare Banking Division and has been with the bank for 19 years. Hallgren is a member of M&T's Treasury Division and has been with the bank for 26 years.
M&T Bank Corporation Files Amendment to Restated Certificate of Incorporation with the New York State Department of State
Apr 22 13
On April 22, 2013, M&T Bank Corporation filed with the New York State Department of State an amendment to M&T's Restated Certificate of Incorporation for the purpose of amending certain terms of each of the Fixed Rate Cumulative Perpetual Preferred Stock, Series A, par value $1.00 per share and liquidation preference $1,000 per share, of M&T, and the Fixed Rate Cumulative Perpetual Preferred Stock, Series C, par value $1.00 per share and liquidation preference $1,000 per share, of M&T. Under the terms of the Certificate of Amendment, (a) the initial dividend rate on both the Series A Preferred Shares and the Series C Preferred Shares will be 5% per annum through November 14, 2013 and will increase to 6.375% per annum on and after November 15, 2013, and (b) M&T cannot redeem either the Series A Preferred Shares or the Series C Preferred Shares, except (i) on or after November 15, 2018, subject to prior approval by the appropriate federal banking agency, or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event, in each case at a redemption price equal to the sum of 100% of the liquidation preference per preferred share plus any accrued and unpaid dividends (including dividends accrued on any unpaid dividends) to but excluding the date of redemption. The term regulatory capital treatment event means the good faith determination by M&T that, as a result of (1) any amendment to, or change in, the laws or regulations of the U.S. (or any political subdivision thereof) that is enacted or becomes effective after August 17, 2012; (2) any proposed change (including any such change with a prospective effect) in those laws or regulations that is announced after August 17, 2012; or (3) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that is announced after August 17, 2012, there is more than an insubstantial risk that M&T will not be entitled to treat the full liquidation value of the Series A Preferred Shares or the Series C Preferred Shares, as applicable, then outstanding as Tier 1 Capital for purposes of the capital adequacy guidelines of the Federal Reserve Board, Regulation Y, 12 C.F.R. Part 225, or any successor regulation of the Board of Governors of the Federal Reserve System, as then in effect and applicable, for as long as any share of Series A Preferred Shares or Series C Preferred Shares is outstanding.