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MELLON ANNOUNCES 47 PERCENT INCREASE IN COMMON STOCK DIVIDEND

 PITTSBURGH, Nov. 16 /PRNewswire/ -- The board of directors of Mellon Bank Corporation (NYSE: MEL) today approved a 47 percent increase in the corporation's quarterly common stock dividend, to $.56 per share, from the current $.38 per share.
 The increased dividend is payable on Feb. 15, 1994, to shareholders of record at the close of business on Jan. 31, 1994. On an annualized basis, the corporation's common stock dividend will increase to $2.24, compared with $1.52 at present.
 "This sizable increase to our common stock dividend provides added value for our shareholders and reflects the corporation's excellent prospects for continued success going forward," said Frank V. Cahouet, chairman, president and chief executive officer of Mellon Bank Corporation.
 The common stock dividend increase is the second announced by Mellon in 1993. In February, the corporation raised the common stock dividend to the current $.38 per share from $.35 per share, an increase of 9 percent.
 The board of directors took no action relative to dividends paid on the corporation's preferred stocks. The corporation expects the board to declare normal quarterly dividends on those stocks at its regularly scheduled meeting in January 1994.
 The board of directors also took action to discontinue the 3 percent discount from market price currently available on shares purchased through the corporation's Dividend Reinvestment and Common Stock Purchase Plan. Effective with purchases made in January 1994, shares purchased under the plan with reinvested dividends or optional cash payments will be acquired at market value, without any discount.
 With assets of approximately $35 billion, Mellon Bank Corporation is a major bank holding company headquartered in Pittsburgh. Through its subsidiaries, Mellon provides a broad array of financial services to individuals and small businesses in the Central Atlantic states of Pennsylvania, Delaware and Maryland; to mid-sized companies throughout the Central Atlantic region; and to large corporate and institutional customers throughout the United States and in select international markets. In addition to providing lending and deposit services, the corporation is a leading provider of trust, investment, cash management and mortgage banking products and services, and currently derives approximately 50 percent of its annual revenues from these and other fee-based activities.
 /delval/
 -0- 11/16/93
 /CONTACT: analysts, Charles M. Johnston, 412-234-5601, or media, Thomas W. Butch, 412-234-6436, of Mellon Bank Corporation/
 (MEL)


CO: Mellon Bank Corporation ST: Pennsylvania IN: FIN SU: DIV

CD -- PG007 -- 5056 11/16/93 11:52 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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