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February 23, 2023

Bank Notebook: M&T, Katahdin Bankshares to pay higher dividends

bank building and sign COURTESY / KATAHDIN TRUST Katahdin Bankshares Corp. is the parent company of Katahdin Trust Co., a community bank based in Houlton.

Two banks doing business in Maine will be paying their shareholders higher dividends this year.

M&T Bank Corp. (NYSE: MTB), the Buffalo, N.Y.-based firm that acquired the former People's United Bank last year for $8.3 billion, announced Feb. 22 that it has declared a quarterly cash dividend of $1.30 per share on its common stock.  

That represents an increase of 10 cents per share, or 8%, from the previous $1.20 per share dividend paid in the fourth quarter of 2022. The dividend will be payable March 31, 2023, to shareholders of record at the close of business on March 6, 2023.

M&T's principal banking subsidiary, M&T Bank, provides banking products and services in 12 states across the northeastern U.S. from Maine to Virginia and Washington, D.C. In Maine, M&T Bank is ranked No. 13 by market share in the 2022 Mainebiz Book of Lists, ranked by Maine deposits as of June 30, 2022.

Trust-related services are provided in select markets in the U.S. and abroad by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

Katahdin Bankshares 

In a separate announcement, also on Feb. 22, Katahdin Bankshares Corp. (OTCQX: KTHN) declared a cash dividend of $0.152 per share for the first quarter of 2023.

The Houlton-based bank, owned by Katahdin Trust Co., is a community bank serving northern Maine and the greater Bangor and Portland regions from 16 locations across the state.

Jon J. Prescott, Katahdin Trust president and CEO, said the bank dividend represents a 10.1% increase over last year's first-quarter payout.

The new dividend will be payable on March 24, 2023, to shareholders of record as of March 17, 2023.

Among Maine-based banks, Katahdin Trust is No. 15 in the 2022 Mainebiz Book of Lists lineup based on assets as of June 30, 2022.

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