PITTSBURGH -- Mellon Bank said it purchased the public finance business of Scheetz, Smith & Co., an investment banking firm.
Terms of the cash transaction weren't disclosed.
In a press release, the Mellon Bank Corp. unit said the business had 1993 revenues of about $4 million.
The public finance business will operate within Mellon's capital markets department as Scheetz Smith, a division of Mellon Bank.
The investment management business of Scheetz, Smith & Co. will remain with the selling entity, which will change its name to Guyasuta Investment Advisors Inc.