The Bank of New York Mellon confirmed that it is among the first banks to receive permission to repurchase the preferred stock purchased by the U.S. government last October as part of the TARP capital investment program.
This news will be welcomed by our clients around the world as well as by American taxpayers, who have realized a very good return on their investment in our company. We appreciate the support that the U.S. government provided to our industry and the overall economy at a critical time, said Robert P. Kelly, chairman and chief executive officer of The Bank of New York Mellon.
The Bank of New York Mellon has raised $2.9 billion toward the repurchase of the $3 billion TARP capital investment in the company through a $1.5 billion non-guaranteed five-year and 10-year senior debt offering and the sale of $1.4 billion in new common stock to the public.
The companys announcement that it will repurchase the preferred stock coincides with the June 9 anniversary of its founding. The company opened its doors for the first time on June 9, 1784. As the oldest bank in the United States, our company has a remarkable and unique history of innovation and change, supported by our continued financial strength and stability, Kelly added. It is fitting that during this anniversary year, our company has continued to play a critical and stabilizing role in the global economy. We look forward to continuing to support our people, clients and communities for the next 225 years.