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Shareholders' equity (Tables)
12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Issued and Outstanding Preferred Stock

Issued and outstanding preferred stock of M&T as of December 31, 2015 and 2014 is presented below:

 

     Shares
Issued and
Outstanding
     Carrying
Value
 
     (Dollars in thousands)  

Series A(a)

     

Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share

     230,000       $ 230,000   

Series C(a)

     

Fixed Rate Cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share

     151,500       $ 151,500   

Series D(b)

     

Fixed Rate Non-cumulative Perpetual Preferred Stock, $10,000 liquidation preference per share

     50,000       $ 500,000   

Series E(c)

     

Fixed-to-Floating Rate Non-cumulative Perpetual Preferred Stock, $1,000 liquidation preference per share

     350,000       $ 350,000   

 

(a) Dividends, if declared, are paid at 6.375%. Warrants to purchase M&T common stock at $73.86 per share issued in connection with the Series A preferred stock expire in 2018 and totaled 719,175 and 721,490 at December 31, 2015 and 2014, respectively.
(b) Dividends, if declared, are paid semi-annually at a rate of 6.875% per year. The shares are redeemable in whole or in part on or after June 15, 2016. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence.
(c) Dividends, if declared, are paid semi-annually at a rate of 6.45% through February 14, 2024 and thereafter will be paid quarterly at a rate of the three-month LIBOR plus 361 basis points (hundredths of one percent). The shares are redeemable in whole or in part on or after February 15, 2024. Notwithstanding M&T’s option to redeem the shares, if an event occurs such that the shares no longer qualify as Tier 1 capital, M&T may redeem all of the shares within 90 days following that occurrence.