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Mellon Bank Stage: LBOs and Special Situations, Recapitalization Date of Investment: 1988 Web Site : http://www.mellon.com
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Mellon Bank, headquartered in Pittsburgh, Pennsylvania, is a multi-bank holding company with subsidiaries that engage in domestic retail banking, worldwide commercial banking, trust banking, investment management, and other financial services. Warburg Pincus provided significant equity funding as the lead investor in a $1 billion restructuring in 1988. This restructuring was the first non-assisted recapitalization of a major commercial bank. Since 1988 Mellon has substantially improved its balance sheet and profitability and is recognized as a top quality banking institution. In 1992 the company made two strategic acquisitions which materially increased both its consumer business and service activities. In August 1994, Mellon and the Dreyfus Corporation completed a $1.85 billion merger which represented the largest combination of a banking firm and a mutual fund company in the history of the financial services industry. Mellon now ranks as one of the nation's twenty-five largest bank holding companies, the second largest investment management firm, and the largest bank manager of mutual funds. Warburg Pincus distributed its holdings of Mellon in 1997 and 1998.
