Mellon Bank Corp.'s board on Tuesday authorized the repurchase of 25 million shares.

The action, which follows the completion of a 20 million-share repurchase program approved January, was announced last week by the chairman and chief executive officer, Martin G. McGuinn, who also unveiled a plan to drop the word "bank" from the company's name and replace it with "financial."

Mellon had 514 million shares outstanding at the end of June.

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