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Federal Reserve OKs mega-merger

The Federal Reserve Board yesterday approved the $17.6 billion merger of Bank of New York Company Inc. and Pittsburgh-based Mellon Financial Corp.

The Federal Reserve Board yesterday approved the $17.6 billion merger of Bank of New York Company Inc. and Pittsburgh-based Mellon Financial Corp. The Department of Justice and shareholders of both banks already signed off on the deal, which was struck in December. The merger is expected to close July 1, after the banks secure approvals from certain state and overseas regulators, the companies said in a joint statement. The new, combined company will be called The Bank of New York Mellon Corp.

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