BNY Mellon to remain in special FDIC program

NEW YORK - The Bank of New York Mellon said Friday it will continue to participate in a temporary insurance program administered by the Federal Deposit Insurance Corp.

The program provides 100 percent coverage, regardless of account size, for U.S. non-interest-bearing transaction accounts through the end of 2009.

The program began in October and all banks were enrolled during an introductory period before deciding whether to remain in the program.

BNY Mellon also said it will participate in the government program that guarantees new issued senior unsecured debt. The program is aimed at helping provide liquidity to the financial sector amid the ongoing credit crisis.

Shares of BNY Mellon rose 27 cents to $28.81 in late morning trading.

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