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Through generations of experience, we have refined our expertise in meeting the needs of wealthy individuals, families, and institutions. Our tradition of offering personal service and innovation in wealth management began with our founding in 1784. We are proud of our long history and remain committed to continuing our tradition of providing exceptional capabilities to our clients, both today and tomorrow.
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1784 | A group of prominent New York citizens, led by Alexander Hamilton, launch The Bank of New York, the company's earliest predecessor organization.
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1789 | Alexander Hamilton becomes the first United States Secretary of the Treasury. The Bank of New York provides the first loan ever made to the U.S. government in the amount of $200,000.
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1792 | The Bank of New York becomes the first corporate stock traded on the New York Stock Exchange.
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1804 | The Bank of New York becomes depositary for what is believed to be the nation's first trust, established to provide for Hamilton's family after his death in the duel with Aaron Burr.
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1862 | The Bank of New York begins to manage funds for its private clients.
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1869 | Retired Judge Thomas Mellon and his sons, Andrew W. and Richard B., found T. Mellon & Sons' Bank in Pittsburgh.
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1882 | Andrew W. Mellon becomes president of T. Mellon & Sons' Bank upon his father's retirement.
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1902 | T. Mellon & Sons' Bank joins the national banking system as Mellon National Bank.
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1904 | Mellon forms its foreign bureau to provide banking services for customer activity outside the United States.
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1921 | Richard B. Mellon assumes the presidency of Mellon National Bank when Andrew W. Mellon resigns to become U.S. Secretary of the Treasury.
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1922 | The Bank of New York merges with the New York Life Insurance Company, leading to the introduction of trust and custody services.
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1929 | Richard B. Mellon forms Mellbank Corporation, a bank holding company for many western Pennsylvania banks. Working together, they survive the economic crises that followed the stock market crash.
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1958 | The Bank of New York's global expansion begins with the establishment of an office in Hong Kong.
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1971 | Mellon creates a dedicated family office business to serve the needs of the Mellon family. It is the first of its kind in the United States.
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1983 | Mellon completes its acquisition of Philadelphia-based The Girard Company, announced the previous year. Included in the acquisition are Girard Bank and Girard Bank Delaware.
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1990 | Mellon Bank purchases 54 branch offices of PSFS, a leading savings institution in the Philadelphia market, from Meritor Savings Bank.
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1993 | Mellon acquires The Boston Company, a leading provider of institutional trust and custody, institutional asset management, private banking, jumbo mortgages and mutual fund custody services, from Shearson Lehman Brothers, a subsidiary of the American Express Company. The acquisition strengthens Mellon's position as a leading provider of these services.
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1994 | Mellon completes its landmark merger with The Dreyfus Corporation. The merger, a milestone in the history of financial services in the United States, propels Mellon into a leadership position as the largest bank manager of mutual funds.
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1995 | The Bank of New York acquires JPMorgan's global custody business, which expands the Bank's reach internationally.
Mellon and Chemical Banking Corporation complete a joint venture to form Chemical Mellon Shareholder Services, the nation's largest company to focus exclusively on providing stock transfer and related shareholder services to publicly held companies. Following the merger of Chemical Banking Corporation and The Chase Manhattan Corporation, the unit is renamed ChaseMellon Shareholder Services.
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1995 | Mellon establishes a Section 20 underwriting subsidiary, Mellon Financial Markets, Inc., which conducts securities business, providing fixed-income and equity underwriting, trading and sales services to clients and investors throughout the United States. Mellon Financial Markets, Inc. is a fully registered broker/dealer with the Securities Exchange Commission and a member of the National Association of Securities Dealers.
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1997 | Mellon gains solid footing in the South Florida market with the addition of Ganz Capital Management, Inc., a Miami-based provider of investment management services specializing in private asset management.
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1998 | Mellon acquires Miami-based United Bankshares, Inc., a full-service commercial bank serving South Florida and the parent company of United National Bank. The organization operates under the name Mellon United National Bank.
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1998 | Mellon acquires Los Angeles-based 1st Business Corporation, parent company of 1st Business Bank, a full-service commercial bank serving mid-size business firms in California. Operating as Mellon 1st Business Bank, the entity combines 1st Business Bank's strong middle market and small business banking presence with Mellon's broad array of banking, investment and trust services to create a distinctive and significant competitor in the region.
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1998 | Mellon acquires Founders Asset Management, LLC, a manager of growth-oriented equity mutual funds and other investment portfolios.
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1998 | Mellon acquires a majority interest in Newton Management, headquartered in London, U.K. Combined, Mellon and Newton offer a comprehensive range of high-quality investment products and services through an international distribution network to meet the growing demand of investors worldwide.
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1998 | Mellon and Netherlands-based ABN AMRO Bank N.V. join forces to provide global custody services worldwide. The combined entity is called ABN AMRO Mellon Global Securities Services.
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1999 | Mellon Bank Corporation changes its name to Mellon Financial Corporation to more accurately reflect its shift in strategic focus.
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2000 | Mellon passes $500 billion in assets under management and agreed to an early purchase of the remaining 25 percent of Newton Management Limited (U.K.). Mellon also purchases the remaining 50 percent of ChaseMellon Shareholder Services and renames the organization Mellon Investor Services.
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2001 | Continuing to sharpen the Company's strategic focus, Mellon sells its mid-Atlantic region consumer, small business and middle market banking operations to Citizens Financial Group. Mellon also divests Mellon U.S. Leasing, Mellon Leasing — Manufacturer and Dealer Services, Mellon Business Credit and Dreyfus Brokerage Services.
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2001 | Mellon acquires U.S. asset manager Standish, Ayer & Wood, a Boston-based provider of investment management services to institutional clients and high net worth individuals. The organization is renamed Standish Mellon.
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2001 | Mellon acquires Eagle Investment Systems, a leading developer of Web-based investment management software.
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2002 | Mellon extends its private wealth management customer base in the Midwest by acquiring Weber Fulton & Felman, a Cleveland-based investment management firm focused on meeting the needs of high-net-worth individuals and families, not-for-profit organizations and retirement funds.
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2003 | The Bank of New York acquires Pershing, becoming the largest provider of correspondent clearing.
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2003 | ABN AMRO Bank N.V. and Mellon formalize its marketing alliance by creating ABN AMRO Mellon Global Securities Services B.V., a joint venture that demonstrates a mutual commitment to serving customers in the global custody market. The joint venture is the only Europe-domiciled institution with a worldwide reach entirely dedicated to providing institutional global custody and related services.
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2003 | Mellon combines three fixed-income subsidiaries — Certus Asset Advisors, Mellon Bond Associates and Standish Mellon Asset Management — under the Standish Mellon Asset Management brand to enhance the value and efficiency of solutions it delivers to institutional asset management clients worldwide. Based in Boston, the new company is one of the largest managers of fixed income assets in the United States.
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2003 | Mellon acquires The Arden Group, a private investment management firm in Atlanta specializing in high-net-worth individuals and institutions. The acquisition expands Mellon's private wealth management business to yet another strong regional market and helped build on the presence of three other Mellon business groups in the Atlanta area.
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2004 | Mellon adds to its list of alternative investment products for institutional clients by acquiring EACM Advisors, an asset manager whose products include fund-of-hedge-funds strategies.
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2004 | Mellon becomes one of the world's largest currency management businesses when it acquires the 70 percent of Pareto Partners' currency management business and global fixed-income asset management business that it did not previously own.
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2004 | Mellon further broadens its footprint in the private wealth management business by acquiring Safeco Trust Company of Seattle; Paragon Asset Management of Las Vegas; and The Providence Group Investment Advisory Company of Providence, R.I.
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2005 | Mellon acquires DPM, a hedge fund administrator providing services including middle- and back-office outsourcing, complex portfolio valuations, risk analysis and transparency, which enables institutions to see the positions of their hedge fund managers. DPM will operate as DPM Mellon.
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2005 | Mellon acquires Russell Investment Group's 50 percent share of the firms' successful joint venture — Russell/Mellon — and the business' performance-related products and services is branded Mellon Analytical Solutions (MAS).
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2005 | Mellon's Private Wealth Management group completes its acquisition of City Capital, Inc., a privately held, Atlanta-based investment management firm that specializes in meeting the investment needs of high net worth individuals and institutions.
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2006 | The Bank of New York acquires Urdang Capital Management, specializing in real estate investment management.
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2006 | Mellon acquires U.S. Trust's Planned Giving Services group from U.S. Trust Corporation, a wholly owned subsidiary of The Charles Schwab Corporation, providing Mellon with more than $700 million in planned giving client assets.
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2006 | Mellon purchases Walter Scott & Partners, an Edinburgh, Scotland-based equity investment firm specializing in global and international strategies with approximately $27 billion (£14.3 billion) under management.
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2006 | Mellon expands its Family Office Services to the United Kingdom and internationally. Based in London, this is the first overseas site for Mellon's Private Wealth Management group and the third location, after Pittsburgh and Boston, for its Family Office practice.
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2006 | Mellon and The Bank of New York Company, Inc. entered into a definitive agreement to merge, creating the largest securities servicing and asset management firm globally. The new company, which will be called The Bank of New York Mellon Corporation, will be the world’s leading asset servicer with $16.6 trillion in assets under custody and corporate trustee with $8 trillion in assets under trusteeship, and will rank among the top 10 global asset managers with more than $1.1 trillion in assets under management. The transaction was unanimously approved by each company’s board of directors and is expected to be completed early in the third quarter of 2007, subject to regulatory and shareholder approvals.
The headquarters of the new company will be in New York City, and Pittsburgh will benefit as it is expected that 1,000-2,000 new jobs will be created, several important businesses will be headquartered in Pittsburgh and it also will be a center of excellence for technology, operations and administration. In addition, a new $80 million Mellon Financial Foundation is being established to provide support to non-profit organizations throughout southwestern Pennsylvania.
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2007 | The Bank of New York Company, Inc. and Mellon Financial Corporation merge on July 1.
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