Mellon Financial Corporation
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Mellon
Mellon Financial Corporation, Template:NYSE based in Pittsburgh, Pennsylvania, is engaged in the business of institutional and high-net-worth-individual asset management, including the Dreyfus family of mutual funds; business banking; and shareholder and investor services.
Mellon was founded in 1869 by Thomas Mellon and his sons Andrew W. Mellon and Richard B. Mellon, as T. Mellon & Sons' Bank. In 1902, the institution became Mellon National Bank.
In 1929, Richard founded Mellbank Corporation. In 1946, Mellon National, Mellbank, and the Union Trust Company merged to form Mellon National Bank and Trust Company.
A reorganization in 1972 brought about a name change to Mellon Bank, N.A. and the formation of a holding company, Mellon National Corporation.
In 1983, Mellon bought Girard Bank of Philadelphia and Central Counties Bank of State College, Pennsylvania. The next year, Mellon National Corporation became Mellon Bank Corporation, and purchased Northwest Pennsylvania Corporation of Oil City, Pennsylvania.
In 1986, Mellon bought Commonwealth National Financial of Harrisburg, Pennsylvania. Four years later, in 1990, Mellon bought 54 branch offices of Philadelphia-based PSFS, the first savings bank in the United States, founded in 1819.
In 1991, Mellon bought United Penn Bank of Wilkes-Barre, Pennsylvania. The next year, Mellon acquired the rest of PSFS, whose parent company had become insolvent.
In 1993, Mellon bought The Boston Company from American Express and AFCO Credit Corporation from The Continental Corporation. The next year, Mellon merged with The Dreyfus Corporation, bringing its mutual funds under its umbrella.
1998 saw Mellon's purchase of United Bankshares, Inc., of Miami, 1st Business Bank of Los Angeles, and FOunders Asset Management.
In 1999, Mellon Bank Corporation became Mellon Financial Corporation. Two years later, it sold its retail banking operations to Citizens Financial Group.
In 2004, Mellon announced it would purchase Safeco Trust Company from Seattle-based Safeco Corporation.
Subsidiaries
External links
- Mellon Financial Corporation (http://www.mellon.com)
- Yahoo! - Mellon Financial Corporation Company Profile (http://biz.yahoo.com/ic/10/10983.html)