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MELLON ANNOUNCES PARTIAL REDEMPTION OF 8.6 PERCENT DEBENTURES

 PITTSBURGH, May 7 /PRNewswire/ -- Mellon Bank Corporation (NYSE: MEL) announced today that it has elected to exercise its option to call, for optional sinking fund redemption, $5 million of its 8.6 percent debentures due 2009.
 There are currently $33 million of the debentures outstanding.
 The mandatory sinking fund obligation has already been met through an exchange offer completed in 1989. As provided for under the terms of the indenture, holders of the $5 million of bonds being redeemed will be chosen by lot and will be paid 100 percent of their principal amount plus accrued interest to the June 15, 1993 redemption date.
 Those holders who are chosen by lot will be notified by mail at least 30 days prior to June 15. Checks will be mailed on June 15 to those holders who have delivered their debentures prior to June 15. Interest will cease to accrue on the debentures on and after the redemption date.
 The notes may be delivered by hand to: Mellon Securities Transfer Service, 120 Broadway, 33rd floor, New York, N.Y. 10271 or to Mellon Bank, N.A., Corporate Trust Operations, Union Trust Building, Two Mellon Bank Center, room 335, Pittsburgh, Pa., 15259-0001. The notes may be delivered by mail to: Mellon Bank, N.A., Corporate Trust Operations, Two Mellon Bank Center, room 335, Pittsburgh, Pa., 15259-0001.
 With assets of approximately $31 billion, Mellon Bank Corporation is a major superregional bank holding company. Through its subsidiaries, it provides wholesale, middle market and retail banking, as well as numerous service products including trust and investment, cash management, and financial data processing.
 /delval/
 -0- 5/7/93
 /CONTACT: Charles M. Johnston, analysts, 412-234-5601, or J.T. Tuskan, media, 412-234-0850/
 (MEL)


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

CD -- PG002 -- 5811 05/07/93 09:06 EDT
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Publication:PR Newswire
Date:May 7, 1993
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