EARNINGS : Mellon Posts $99-Million Loss
PITTSBURGH — Mellon Bank Corp. today posted a fourth-quarter loss of $99 million attributed to an increase in the company’s reserves against losses from bad real estate loans.
The quarterly loss, which amounted to $2.52 per share, compared to earnings of $6 million in the final quarter of 1989. Mellon reported a loss of 20 cents per share after accounting for dividends in the 1989 quarter.
Mellon added $175 million to its loan loss reserves in the fourth quarter, up from $147 million a year earlier. The 1989 loan provision was taken to protect the bank against loans to less developed countries.
“By taking this action to increase our reserve for possible losses, we enter the new year in position to deal more effectively with the uncertainties in the environment,” Chairman Frank Cahouet said in a statement.
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