BNY Mellon to Exit the FDIC's Transaction Account Guarantee Program
NEW YORK, Nov. 2 /PRNewswire-FirstCall/ -- BNY Mellon announced today that it intends to opt out of the six-month extension of the Transaction Account Guarantee Program (TAGP), which guarantees full insurance coverage from the FDIC on non interest-bearing transactional accounts greater than $250,000. Participation in the current program will continue through December 31, 2009.
"This decision reflects our strong financial position," said Thomas P. (Todd) Gibbons, chief financial officer of BNY Mellon. "We have repaid our TARP funding and ended the third quarter of 2009 with capital ratios -- including tier 1, tier 1 common and tangible common equity -- stronger than the same period a year ago."
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $22.1 trillion in assets under custody and administration and $966 billion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. Additional information is available at www.bnymellon.com.
SOURCE The Bank of New York Mellon Corporation