BNY Western Trust Company, a Subsidiary of The Bank of New York Company, Inc., Appointed Issuing and Paying Agent for the $225 Million J. Paul Getty Trust Commercial Paper Program.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 28, 2002 BNY BNY Bank of New York Western Trust Company, a subsidiary of The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Company, Inc., announced today that it has been selected to serve as issuing and paying agent Paying Agent An agent who accepts payments from the issuer of a security and then distributes the payments to the holders of the security. Also known as a "disbursing agent. for the $225 million J. Paul Getty Trust The J. Paul Getty Trust is the world's wealthiest art institution with an estimated endowment of $5.8 billion. Based in Los Angeles, it operates two museums: the J. Paul Getty Museum in Brentwood and the Getty Villa in Malibu, California. commercial paper program. The tax-exempt commercial paper Tax-Exempt Commercial Paper An unsecured short-term loan, usually issued to finance short-term liabilities, that provides the debtholders (bondholders) some level of tax preference on the earnings from their debt investment at a local, state or federal level, or a combination notes are issued through the California Infrastructure & Economic Development Bank. The J. Paul Getty Trust is an international cultural and philanthropic institution devoted to the visual arts that includes the J. Paul Getty Jean Paul Getty (December 15, 1892 – June 6, 1976) was an American industrialist and founder of the Getty Oil Company. Biography Born in Minneapolis, Minnesota, into a family already in the petroleum business, he was one of the first people in the world with a Museum, the Getty Research Institute, the Getty Conservation Program, and the Getty Grant Program. The Getty Trust and the Getty programs are located at the Getty Center in Los Angeles. Mike Klugman, senior vice president of BNY Western Trust Company, said, "We are delighted that the J. Paul Getty Trust has chosen BNY Western Trust Company for issuing and paying agent services on this important transaction. We are proud to have the Trust as a client and are committed to providing first class corporate trust services in a sector where The Bank of New York is recognized as a market leader." "We recognize The Bank of New York as the industry leader and a quality service provider in Corporate Trust because of the strength of its endowment area and Corporate Trust sales team," said Steve Juarez, director of financial management at the J. Paul Getty Trust. With an administrative staff of over 200 employees and offices in Los Angeles, San Francisco and Seattle, BNY Western Trust Company services over 5,000 corporate trust accounts representing over $70 billion in outstanding securities. The Trust Company also acts as custody bank for more than 600 clients on the West Coast with assets under custody of over $240 billion. The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 80,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including mortgage-backed and asset-backed securities, corporate and municipal debt, derivative security Derivative security A financial security such as an option or future whose value is derived in part from the value and characteristics of another security, the underlying asset. services and international debt offerings. The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange :BK) is a financial holding company with total assets of over $80 billion as of June 30, 2002. The Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com. |
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