The Bank of New York and Mellon Financial's Plan of Merger Receives Federal Reserve Approval

    NEW YORK and PITTSBURGH, June 15 /CNW/ - The Bank of New York Company,
Inc. and Mellon Financial Corporation announced today that the Federal Reserve
has approved their application to merge. The companies also received
Hart-Scott-Rodino antitrust clearance for their proposed merger from the
Department of Justice on June 4.
    Integration planning for the proposed merger, which was first announced
on December 4, 2006, has been proceeding smoothly. In addition to the Federal
Reserve approval and antitrust clearance, The Bank of New York and Mellon each
received overwhelming approval from shareholders on May 24, 2007. 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 July 1, 2007.
    The new company will be one of the leading asset management companies
globally with assets under management exceeding $1 trillion and will be among
the world's leading securities servicers with more than $18 trillion in assets
serviced by the firm.

    The Bank of New York Company, Inc. (NYSE:   BK) is a global leader in
providing a comprehensive array of services that enable institutions and
individuals to move and manage their financial assets in more than 100 markets
worldwide. The Company has a long tradition of collaborating with clients to
deliver innovative solutions through its core competencies: securities
servicing, treasury management, asset management, and wealth management. The
Company's extensive global client base includes a broad range of leading
financial institutions, corporations, government entities, endowments and
foundations. Its principal subsidiary, The Bank of New York, founded in 1784,
is the oldest bank in the United States and has consistently played a
prominent role in the evolution of financial markets worldwide. Additional
information is available at

    Mellon Financial Corporation (NYSE:   MEL) is a global financial services
company. Headquartered in Pittsburgh, Mellon is one of the world's leading
providers of financial services for institutions, corporations and high net
worth individuals, providing asset management, private wealth management,
asset servicing, issuer services and treasury services. News and other
information about Mellon is available at

For further information:

For further information: The Bank of New York, Kevin Heine, (212)
635-1569; Mellon Financial, Ron Gruendl, (412) 234-7157

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