The Federal Reserve today approved the merger of the Bank of New York Company, Inc. and Mellon Financial Corporation.
The companies also received Hart-Scott-Rodino antitrust clearance for their proposed merger from the Department of Justice on 4 June.
In addition to the Federal Reserve approval and antitrust clearance, The Bank of New York and Mellon each received overwhelming approval from shareholders on 24 May. The companies, subject to receipt of remaining regulatory approvals including those from certain state and foreign governmental authorities, are making plans to close the proposed merger on or about 1 July.
The new company will have assets under management exceeding $1 trillion and more than $18 trillion in assets serviced.