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SEURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) - February 29, 1996
MELLON BANK CORPORATION
(Exact name of registrant as specified in charter)
Pennsylvania 1-7410 25-1233834
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
One Mellon Bank Center
500 Grant Street
Pittsburgh, Pennsylvania 15258
(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code - (412) 234-5000
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ITEM 5. OTHER EVENT
Mellon Bank Corporation (the "Corporation") announced that it has completed the
repurchase of 8,000,000 shares of the Corporation's common stock authorized by
its Board of Directors in October 1995. In addition, the Corporation's Board of
Directors has authorized the repurchase of up to an additional 3.5 million
shares of common stock to meet current and near-term requirements for the
Corporation's stock-based benefit plans and Dividend Reinvestment and Common
Stock Purchase Plan. Such repurchases will be made in open market or privately
negotiated transactions from time to time and may occur during the monthly
pricing period for purchases under the Corporation's Dividend Reinvestment and
Common Stock Purchase Plan.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
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Exhibit
Number Description
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99 Mellon Bank Corporation Press Release, dated February 29, 1996
announcing completion of stock repurchase and new common stock
repurchase program.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
MELLON BANK CORPORATION
Date: March 1, 1996 By: Michael K. Hughey
_________________________________
Michael K. Hughey
Corporate Controller
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EXHIBIT INDEX
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Number Description Method of Filing
<C> <S> <C>
99 Press Release dated February 29, 1996 Filed herewith
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[MELLON LOGO] MELLON NEWS RELEASE
ANALYSTS:
Donald J. MacLeod David T. Lamar
Contact: (412)234-5601 (412) 234-4633 Corporate Affairs
MEDIA: One Mellon Bank Center
Stephen K. Dishart Pittsburgh, PA 15258-0001
(412) 234-0850
FOR IMMEDIATE RELEASE
MELLON BANK CORPORATION COMPLETES 8 MILLION SHARE STOCK
REPURCHASE AND ANNOUNCES NEW 3.5 MILLION SHARE REPURCHASE
PITTSBURGH, Feb. 29, 1996 -- Mellon Bank Corporation today announced it has
completed repurchase of 8 million shares of common stock authorized by its board
of directors in October 1995. In addition, the Corporation's board of directors
has authorized the repurchase of up to an additional 3.5 million shares of
common stock to meet current and near-term requirements for the Corporation's
stock-based benefit plans and its dividend reinvestment plan.
The 8 million share repurchase was initiated last October to return excess
capital to shareholders. The repurchase was completed through open market
purchases and privately negotiated transactions.
Since the first quarter of 1995, Mellon has repurchased 18.6 million common
shares and equivalents, including the 8 million share repurchase authorized in
October and three previous common share repurchases. Two previous repurchase
programs authorized in the fourth quarter of 1994 and in the third quarter of
1995 were also for the purpose of making additions to the Corporation's treasury
shares for benefit and dividend reinvestment plans. In the second quarter of
1995, the Corporation also repurchased 3.75 million shares of common stock as
well as warrants for an additional 4.5 million shares of common stock from
American Express issued in 1993 as part of the purchase price of The Boston
Company.
(more)
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Mellon Completes Stock Repurchase, Announces Additional Authorization
February 29, 1996
Page 2
The Corporation will make the newly authorized 3.5 million share repurchase
from time to time in the open market or through privately negotiated
transactions.
With balance sheet assets of approximately $41 billion and assets under
management or administration of more than $1 trillion, Mellon Bank Corporation
is a major financial services company headquartered in Pittsburgh; its primary
subsidiary is Mellon Bank, N.A. Mellon provides a full range of banking and
investment products and services to individuals and small, midsize and large
businesses and institutions. Its principal mutual fund business is The Dreyfus
Corporation.
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