For the first time in a decade, M&T Bank Corp. is raising its quarterly cash dividend to shareholders, hiking the payment to 75 cents per share.
The 7 percent increase, or 5 cents per share, brings the payment up from the prior level that has been paid every quarter since September 2007, prior to the recession. M&T was one of only two large banks in the S&P 500 Index that never cut its dividend during the financial crisis and subsequent years. Some banks, like Citigroup and Bank of America Corp., even slashed their payment to a penny, while J.P. Morgan Chase & Co. cut it to five cents.
The Buffalo-based bank said the new dividend will be paid March 31 to shareholders of record as of March 6.