The Bank of New York Mellon Buys Back TARP Stock

NEW YORK, June 17, 2009 — The Bank of New York Mellon Corporation (NYSE: BK) today repurchased the 3 million shares of its preferred stock issued to the U.S. Treasury last October as part of the TARP Capital Purchase Program. The company has paid the Treasury $3,036,250,000, which reflects the liquidation value of the preferred stock and $36.25 million of accrued but unpaid dividends.

Related to this repurchase, the company will record an after-tax charge of approximately $197 million in the second quarter of 2009, representing the difference between the amortized cost of the preferred stock and the repurchase price.

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Additionally, the company intends to notify the Treasury that it intends to repurchase, at fair market value, the warrant that the Treasury holds to purchase approximately 14.5 million shares of the company's common stock.

Source: The Bank of New York Mellon Corporation (NYSE:BK)