The U.S. Department of the Treasury has closed a secondary public offering of warrants allowing it to purchase shares of M&T Bank Corp. stock.
The closing of 1,218,522 warrants came Monday, the Buffalo-based bank said in a filing with the U.S. Securities and Exchange Commission.
Each of the warrants entitled the Treasury to buy one share of common stock at par value of 50 cents a share, the filing states. The warrants have an exercise price of $73.86 a share and expire Dec. 23, 2018.
The public offering commenced Dec. 11, SEC documents state. The price of the warrants, as determined by an auction process, was equal to $26.50 per warrant.
The Treasury granted the warrants to M&T in December 2008 as part of a $600 million preferred stock investment in the bank from the Troubled Assets Relief Program.
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