The Bank of New York Company, Inc. Consolidates Regional Trust Company Subsidiaries into National Entity.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- To further streamline services and enhance its client support throughout the U.S., 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. has consolidated multiple regional trust company subsidiaries into a single, nationally chartered trust entity named The Bank of New York Trust Company, N.A. The new national trust company provides corporate trust, custody, and personal trust services to debt issuers, investors, institutions, and individuals across the country. As part of the consolidation, effective November 1, 2004, the following former subsidiaries of The Bank of New York Company, Inc. will be part of the national trust company: --BNY Western Trust Company, with offices in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , and Seattle --BNY Trust Company of Missouri in St. Louis --The Bank of New York Trust Company, N.A. (formerly named The Bank of New York Trust Company of Florida, N.A.), with offices in Atlanta, Birmingham, Boston, Chicago, Cincinnati, Dallas, Detroit, Indianapolis, Jacksonville, and Miami "The consolidation and name change will not affect the way we do business with our clients. We will retain our local staff, facilities and focus in the local markets," said Karen B. Peetz, executive vice president of The Bank of New York and head of the corporate trust business at the Bank and its nationwide affiliates. "We will continue to offer local administration as regional and local offices of the new, national organization. As a single, nationwide subsidiary of The Bank of New York Company, with capital of more than $350 million, we can best leverage our core efficiencies, streamline our processes, and create a better platform for future business growth." The Bank of New York Company, Inc. is a leading provider of corporate trust and agency services, custody, and personal trust services. The Company through its subsidiaries and affiliates administers a portfolio of more than 90,000 trustee and agency appointments, representing more than $1 trillion in outstanding securities for more than 30,000 clients around the world. The Company is a recognized leader for trust services in a wide range of 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. With $8.9 trillion under custody and administration worldwide, and a subcustodian network in more than 100 markets, The Bank of New York Company is the second largest custodian in the world, serving more than 7,000 clients around the globe. The Company also provides a full array of wealth management services worldwide, including private client custody services, financial and tax planning Tax planning Devising strategies throughout the year in order to minimize tax liability, for example, by choosing a tax filing status that is most beneficial to the taxpayer. , trust and fiduciary services, fiduciary real estate management, estate planning Estate Planning The overall planning of a person's wealth, including the preparation of a will and the planning of taxes after the individual's death. Notes: Contrary to popular belief, estate planning involves much more than preparing a will, and it is not only for the , private banking, and asset management, through BNY BNY Bank of New York Asset Management, the Company's investment management arm. The Company's Private Client Services and Asset Management group has $97.3 billion in assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , including $11.8 billion in personal trust assets, and $31.4 billion in custody assets under administration. The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK) is a global leader in securities servicing for issuers, investors and financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. . The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations, corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com. |
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