August 17, 2012 / 11:35 PM / 5 years ago

US Treasury prices M&T Bank Corp preferred stock offering

WASHINGTON, Aug 17 (Reuters) - The U.S. Treasury Department on Friday said it had priced an offering of preferred shares of M&T Bank Corp as part of its unwinding of financial crisis bailouts for expected proceeds of about $381.5 million.

Treasury said it priced a secondary offering at par of the 230,000 shares of M&T Bank Corporation Fixed Rate Cumulative Perpetual Preferred Stock, Series A, and 151,500 shares of M&T Fixed Rate Cumulative Perpetual Preferred Stock, Series C.

After this offering, Treasury will no longer hold any shares of the Buffalo, New York-based bank’s preferred stock. Treasury said it will continue to hold warrants to purchase 1,721,447 shares of M&T’s common stock - the disposition of which will provide additional proceeds to taxpayers.

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