M&T Bank Corp.’s preferred stock sold to the U.S. Treasury Department in the wake of the 2008 fiscal crisis was auctioned to investors fully priced at $1,000 a share.
The 381,500 shares yielded $381.8 million in total proceeds, including dividends, the Buffalo-based bank reported in a filing Monday with the U.S. Securities and Exchange Commission.
The auction included 250,000 Series A and 151,500 Series B preferred shares, the filing states.
The Treasury bought the shares four years ago as part of the Troubled Asset Relief Program’s Capital Purchase Program. Banks used the Treasury capital to strengthen themselves or to increase their loan capacity in response to the recession.
(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.
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