M&T Bank Corporation Receives No Objection to Its 2014 Capital Plan and
Releases "Company-Run" Dodd-Frank Act Stress Test Results
BUFFALO, N.Y., March 27, 2014
BUFFALO, N.Y., March 27, 2014 /PRNewswire/ -- M&T Bank Corporation ("M&T")
(NYSE: MTB)announced today that the Federal Reserve did not object to M&T's
proposed 2014 Capital Plan. Accordingly, M&T may maintain a quarterly common
stock dividend of $.70 per share; pay dividends and interest on other equity
and debt instruments included in regulatory capital, including preferred
stock, trust preferred securities and subordinated debt that were outstanding
at December 31, 2013, consistent with the contractual terms of those
instruments; and redeem or repurchase up to $50 million of subordinated debt.
Common and preferred dividends are subject to approval by M&T's Board of
Directors in the ordinary course of business.
M&T's pending acquisition of Hudson City Bancorp, Inc. ("Hudson City") remains
subject to regulatory approval, including approval by the Federal Reserve, and
certain other closing conditions. However, the Federal Reserve's instructions
for the 2014 stress tests required institutions to incorporate any proposed
business plan changes in their stress tests results. Accordingly, M&T's
capital plan submission included a pro forma projection of assets, results of
operations and net capital issuance incorporating the proposed acquisition of
Hudson City. The amount of the new capital assumed in M&T's submission was
equivalent to 70% of the Hudson City purchase price.
M&T also announced today that it has released the results of its "company-run"
2014 Dodd-Frank Act Stress Test. This information is available on M&T's
website and can be found at http://ir.mandtbank.com/ under Regulatory
M&T is a financial holding company headquartered in Buffalo, New York. M&T's
principal banking subsidiary, M&T Bank, operates banking offices in New York,
Pennsylvania, Maryland, Virginia, West Virginia, Delaware and the District of
Columbia. Trust-related services are provided by M&T's Wilmington
Trust-affiliated companies and by M&T Bank.
Donald J. MacLeod
C. Michael Zabel
SOURCE M&T Bank Corporation
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