PITTSBURGH - Mellon Bank Corp. has purchased 3.75 million shares of its common stock and warrants for an additional 4.5 million shares from a unit of American Express Co. for $213 million.

The shares and warrants were issued in May 1993 in connection with Mellon's acquisition of the Boston Company from a subsidiary of American Express.

American Express said the transaction would not have a material effect on its earnings.

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