BUFFALO, N.Y., June 30, 2020 /PRNewswire/ -- M&T Bank
Corporation ("M&T") (NYSE: MTB) offered comments today on
the 2020 Dodd-Frank Act Stress Test ("DFAST") disclosed by the
Board of Governors of the Federal Reserve System ("Federal
Reserve").
Based on the results of the Federal Reserve's stress test,
M&T's preliminary stress capital buffer ("SCB") has been set at
the 2.5 percent minimum, indicating that it will be subject to a
7.0 percent Common Equity Tier 1 ratio threshold under the SCB
regulation which becomes effective October
1, 2020. M&T's Common Equity Tier 1 ratio of 9.19
percent at March 31, 2020 exceeded
the threshold below which capital distributions could be limited by
that regulation.
M&T's current $1.10 quarterly
common stock dividend falls within the guidelines for the third
quarter announced by the Federal Reserve. The dividend
remains subject to declaration by M&T's Board of Directors in
the ordinary course of business. Also, in accord with the
Federal Reserve's guidelines, M&T will not be repurchasing any
shares of common stock during the third quarter.
M&T's Executive Vice President and Chief Financial Officer,
Darren King, noted, "M&T's
prudent approach to managing shareholders' capital has enabled us
to meet the credit needs of our customers and communities, while
ensuring our safety and soundness during times of economic stress,
such as the current pandemic."
About M&T Bank
M&T Bank Corporation 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, Maryland, New
Jersey, Pennsylvania,
Delaware, Connecticut, Virginia, West
Virginia and the District of
Columbia. Trust-related services are provided by M&T's
Wilmington Trust-affiliated companies and by M&T Bank.
© 2020 M&T Bank. Member
FDIC.
Investor Contact:
Donald J. MacLeod
(716) 842–5138
Media Contact:
C. Michael Zabel
(716) 842-5385
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SOURCE M&T Bank Corporation