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SECURITIES 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)--June 21, 1999
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 EVENTS
By press release dated June 21, 1999, Mellon Bank Corporation announced
the implementation of a broad-based employee stock option program
designed to expand ownership of Mellon stock more broadly throughout
the Corporation, align the interests of Mellon's employees and
shareholders, and promote an even more customer-focused work
environment.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit Description
Number
99.1 Mellon Bank Corporation Press Release, dated June 21, 1999, announcing
the matter referenced in Item 5 above.
SIGNATURES
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: June 22, 1999 By: /s/ STEVEN G. ELLIOTT
Steven G. Elliott
Senior Vice Chairman and Chief
Financial Officer
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EXHIBIT INDEX
Number Description Method of Filing
99.1 Press Release dated Filed herewith
June 21, 1999
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[Logo of Mellon]
EXHIBIT 99.1
News Release
Contact: Media Analysts
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Stephen K. Dishart Donald J. MacLeod Corporate Affairs
(412) 234-0850 (412) 234-5601 One Mellon Bank Center
Pittsburgh, PA 15258-0001
________________________________________________________________________________
FOR IMMEDIATE RELEASE
MELLON LAUNCHES "SHARESUCCESS" EMPLOYEE STOCK OPTION PROGRAM
--Approximately 22,000 employees worldwide to have greater equity stake in
Mellon's future--
PITTSBURGH, June 21, 1999--Demonstrating its commitment to building shareholder
value and being the employer of choice, Mellon Bank Corporation today announced
a broad-based employee stock option program designed to expand ownership of
Mellon stock more broadly throughout the Corporation, align the interests of
Mellon's employees and shareholders, and promote an even more customer-focused
work environment.
Through the program, called "ShareSuccess," eligible employees will be
granted options to purchase up to 450 shares of Mellon common stock over the
next three years. Approximately 22,000 full-time and part-time employees
worldwide are enrolled in the program, which is effective immediately.
"ShareSuccess is a key part of our efforts to be the best performing
financial services company because it enables our employees to be rewarded for
building Mellon's future and creating value for our shareholders," said Martin
G. McGuinn, Mellon chairman and chief executive officer. "A motivated and
determined work force is important to any company's success, especially in a
business as customer-focused as ours. This program will foster a sense of
ownership among employees and better align their interests with those of our
shareholders. That means we'll be constantly focused on meeting customers'
needs and eliminating any barriers to getting our jobs done in the most
efficient and effective way."
All full-time and part-time employees as of June 15, 1999, who receive
Mellon benefits participate in the ShareSuccess program, unless they are key
managers currently participating in another existing Mellon stock option plan or
are part of Mellon's previously announced divestitures.
--more--
[LOGO of Mellon]
[LOGO of Dreyfus] [LOGO of The Boston Company]
The Dreyfus Corporation and The Boston Company are companies of Mellon Bank
Corporation.
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Mellon Launches ShareSuccess Program
June 21, 1999
Page 2
The program contemplates three separate grants starting immediately and
continuing in 2000 and 2001. Each year, eligible full-time employees would
receive options to purchase 150 shares of Mellon common stock, while eligible
part-time employees would receive options to purchase 75 shares. ShareSuccess
options for 1999 can be exercised for Mellon common stock beginning one year
after their grant date and once Mellon's stock has reached or exceeded a target
share price for 10 consecutive business days.
"The program is structured to reward employees who remain with Mellon and
continue to create value for our shareholders," McGuinn said. "If we all
recommit to our job every day and constantly look for ways to make a difference
to our customers, the benefits will be reflected over the long-term in the
performance of our stock. That's what ShareSuccess is all about."
A broad-based financial services company with a bank at its core,
Mellon Bank Corporation ranks among the nation's largest financial services
companies in market capitalization. With more than $2.3 trillion in assets
under management, administration or custody, including more than $400 billion
under management, Mellon provides a full range of banking, investment and trust
products and services to individuals and small, midsize and large businesses and
institutions. Its mutual fund companies, The Dreyfus Corporation and Founders
Asset Management in the United States, and Newton Management Limited in the
United Kingdom, place Mellon as one of the world's leading managers of mutual
funds. Mellon also is a global leader in benefits consulting through its Buck
Consultants, Inc., subsidiary in New York. Headquartered in Pittsburgh,
Mellon's principal subsidiary is Mellon Bank, N.A.
Press releases and other information about Mellon Bank Corporation and
its products and services are available at www.mellon.com on the Internet. For
Mellon press releases by fax, call 1 800 758-5804, identification number 552187.
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