PITTSBURGH (AP) _ Mellon Bank Corp. plans to change its name to Mellon Financial Corp.
The new name reflects the company’s attempts to be the best-performing financial services company, Mellon Chairman and Chief Executive Martin McGuinn said today.
The name change was expected to take effect early in the fourth quarter. The company was founded in Pittsburgh in 1869 as T. Mellon & Sons.
Separately, Mellon also said it completed repurchasing 20 million shares of Mellon common stock and will ask its board next week to authorize a new repurchase program for another 25 million shares of Mellon stock.
Mellon has about $2.5 trillion in assets under management, administration or custody.