Mellon Bank Corp. said Monday it has agreed to buy a discount brokerage with a large on-line trading operation.

The purchase of Pacific Brokerage Services, Los Angeles, is expected to close in the fourth quarter. Terms of the deal were not disclosed, but an analyst said the brokerage, with 100,000 customers, would command no more than $100 million.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.