Mellon Bank Corp. said it will use the proceeds of its $250 million, 11-year bond issue priced last week to fund the acquisition of two lease companies, according to company spokesman Stephen Dishart.

Mellon said last month it is acquiring FULInc., a closely held Chicago vendor leasing company. It is also buying up Ford Motor Co.'s USL Capital Corp. with assets of $1.5 billion.

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