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BNY Mellon To Opt Out Of FDIC’s TAGP

Participation in the current program will continue through December 31, 2009

BNY Mellon has announced 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.

The participation in the current program will continue through December 31, 2009.

Thomas Gibbons, chief financial officer of BNY Mellon, said: This decision reflects our strong financial position. 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.

The Federal Deposit Insurance Corporation (FDIC) is a US government corporation created by the Glass-Steagall Act of 1933 which provides deposit insurance, guarantees the safety of deposits in member banks.