Mellon shareholders to vote on Dreyfus deal.

Mellon Bank Corp. will ask shareholders to approve its planned acquisition of Dreyfus Corp. at a special meeting on Aug. 9.

The Pittsburgh-based banking company announced plans last December to acquire Dreyfus, the nation's sixth-largest mutual fund company.

The plans call for Dreyfus, which has $67 billion in fund assets under management, to operate as a unit of Mellon's lead bank.

The Office of the Comptroller of the Currency approved the transaction in May.

Additional approvals are expected shortly from the Federal Reserve Board and the Office of Thrift Supervision, Mellon said in a news release.

Shareholders of Dreyfus' mutual funds are expected to consider the plan at a series of meetings in early August, when they will vote on a new investment advisory agreement.

Mellon said it expects to complete the merger during the third quarter provided Mellon shareholders and Dreyfus shareholders and directors give their assent and additional regulatory approvals are granted.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER