M&T Bank Issues $500 Million Of Subordinated Debt
M&T Bank Issues $500 Million Of Subordinated Debt
October 5, 2000
The notes will primarily provide M&T Bank with funding for the cash portions of M&T's pending acquisitions of Keystone Financial, Inc. ("Keystone") and Premier National Bancorp, Inc. ("Premier"). M&T's acquisition of Keystone is scheduled to close on October 6, 2000, and its acquisition of Premier is currently scheduled to close in the first quarter of 2001.
On September 25, 2000, M&T announced that M&T Bank was contemplating issuing $350 million of subordinated notes. The issue was enlarged to $500 million in response to investor demand.
M&T is headquartered in Buffalo, N.Y., and had consolidated assets of $21.7 billion as of June 30, 2000.