Mellon Financial Corp is the money management firm in the world. The firm is in the business of institutional and high-net-worth-individual asset management, which includes the Dreyfus family of Mutual funds, business banking and shareholder of investor services. The firm is based in Pittsburg, Pennsylvania. The firm had a merger with the Bank of New York Mellon Corp.
Mellon Financial Corp was founded by Thomas Mellon and his sons Andrew W. Mellon and Richard B. Mellon as T. Mellon & Sons Bank. The bank was renamed as Mellon National Bank in 1902. Mellon Bank had played a very important role in the industrial revolution in America. The Mellon family had used the bank as a proxy and directly funded the modern aluminum, oil, consumer electronics and financial industries.
The bank founded and managed at businesses like Alcoa, Gulf Oil, Rockwell Heinz, General Motors, U.S. Steel, Koppers and ExxonMobil. Andrew left his leadership post in the bank in 1920, and went on to become the longest serving U.S. Treasury Secretary in Americas history. Richard founded Mellbank Corp in 1929. In the year 1948, a new company, Mellon National Bank & Trust Company was formed with the merger of Mellon National, Mellbank and the Union Trust Company.
The companys name then changed further to Mellon Bank Corp in 1983. The company bought Girard Bank of Philadelphia and Central Countries Bank of State College, Pennsylvania and Northwest Pennsylvania Corp of Oil city, Pennsylvania. In the following years the company went to acquire several other financial institutions like Common Wealth National Financial of Harrisburg, PSFS- which was the first Savings bank in the U.S.
In the year 1993, Mellon bought The Boston Company from American Express and AFCO Credit Corp from The Continental Corp. during the following year, the company merged with The Dreyfus Corp and brought its mutual funds under its umbrella. In 1999, Martin McGuin became the chairman and Chief Executive Officer of the bank and changed its name to Mellon Financial Corp.
Martin sold the retail banking operations to the Citizens Financial Group two years later. In the year 2004, Mellon Financial Corp again announced the purchase of Safeco Trust Company and London based Pareto Partners. Mellon merged with The Bank of New York in 2007. The Headquarters of the new company is based in New York.
Mellon Financial Corp has now become one of the largest securities servicing firm and one of the top ten asset managing firms. These two companies along with State Street have followed the same path of evolution. These companies were originally large diversified financial service providers especially in the corporate banking space in the area in which they are located.
But the banks abandoned these activities in favor of a stable, fee based business i.e. asset management and servicing in the areas like corporate trust, stock transfer services and American Depository Receipts. Mellon Financial Corp has become the largest provider of controlled disbursement accounts.
Mellon
