▁ ▁Mer ger ▁On ▁December ▁ 4 , ▁ 2 0 0 6 , ▁the ▁Bank ▁of ▁New ▁York ▁and ▁M ell on ▁Fin an cial ▁Corporation ▁announced ▁they ▁would ▁merge . ▁The ▁mer ger ▁created ▁the ▁world ' s ▁largest ▁se cur ities ▁serv icing ▁company ▁and ▁one ▁of ▁the ▁largest ▁asset ▁management ▁fir ms ▁by ▁combining ▁M ell on ’ s ▁wealth - management ▁business ▁and ▁the ▁Bank ▁of ▁New ▁York ’ s ▁asset - serv icing ▁and ▁short - term - l ending ▁special ties . ▁ ▁The ▁companies ▁anticip ated ▁saving ▁about ▁$ 7 0 0 ▁million ▁in ▁costs ▁and ▁cutting ▁around ▁ 3 , 9 0 0 ▁jobs , ▁mostly ▁by ▁attr ition . ▁ ▁The ▁deal ▁was ▁val ued ▁at ▁$ 1 6 . 5 ▁billion ▁and ▁under ▁its ▁terms , ▁the ▁Bank ▁of ▁New ▁York ' s ▁share hold ers ▁received ▁ 0 . 9 4 3 4 ▁shares ▁in ▁the ▁new ▁company ▁for ▁each ▁share ▁of ▁the ▁Bank ▁of ▁New ▁York ▁that ▁they ▁owned , ▁while ▁M ell on ▁Fin an cial ▁share hold ers ▁received ▁ 1 ▁share ▁in ▁the ▁new ▁company ▁for ▁each ▁M ell on ▁share ▁they ▁owned . ▁The ▁Bank ▁of ▁New ▁York ▁and ▁M ell on ▁Fin an cial ▁entered ▁into ▁mut ual ▁stock ▁option ▁agre ements ▁for ▁ 1 9 . 9 ▁percent ▁of ▁the ▁iss uer ' s ▁out standing ▁common ▁stock . ▁The ▁mer ger ▁was ▁final ized ▁on ▁July ▁ 1 , ▁ 2 0 0