Mellon Bank approves 3-2 stock split, boosts its quarterly payout by 11.5 cents.

PITTSBURGH -- Mellon Bank Corp. approved a three for two stock split and boosted the bank's pre-split quarterly dividend to 67.5 cents from 56 cents.

The stock split is structured as a special stock dividend of an additional common Share paid on every two currently outstanding. It will be payable Nov. 15 to shareholders of record Nov. 1.

The company said the dividend increase reflects strong capital position and earnings, while the stock split should provide for a more favorable trading range and broaden the distribution of Mellon shares.

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