8-K

                      SECURITIES AND EXCHANGE COMMISSION

                            Washington, D.C. 20549



                                   FORM 8-K

                                CURRENT REPORT



    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     Date of Report (Date of earliest event reported) - September 21, 1999



                           MELLON  BANK  CORPORATION
              (Exact name of registrant as specified in charter)




       Pennsylvania                  1-7410                    25-1233834
(State or other jurisdiction      (Commission               (I.R.S. Employer
    of incorporation)              File Number              Identification No.)


                            One Mellon Bank Center
                               500 Grant Street
                           Pittsburgh, Pennsylvania               15258
                   (Address of principal executive offices)     (Zip code)


      Registrant's telephone number, including area code - (412) 234-5000


ITEM 5.   OTHER EVENTS

          By press release dated September 21, 1999, Mellon Bank Corporation
          (the "Corporation) announced that its board of directors authorized a
          new repurchase program covering 25 million shares of the Corporation's
          common stock.


Exhibit   Description
Number


99.1      Mellon Bank Corporation Press Release, dated September 21, 1999,
          announcing the matter referenced in Item 5 above.


                                  SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                        MELLON BANK CORPORATION



Date:  September 23, 1999               By: /s/ CARL KRASIK
                                            Carl Krasik
                                            Secretary


                                 EXHIBIT INDEX

Number                            Description                   Method of Filing

99.1                              Press Release dated           Filed herewith
                                  September 21, 1999

EX-99.1

                                                                    EXHIBIT 99.1

[LOGO] Mellon
                                                       News Release
       Contact: Media               Analysts           Corporate Affairs
                Stephen K. Dishart  Donald J. MacLeod  One Mellon Bank Center
                (412) 234-0850      (412) 234-5601     Pittsburgh, PA 15258-0001
- --------------------------------------------------------------------------------

FOR IMMEDIATE RELEASE

MELLON BOARD OF DIRECTORS APPROVES
25 MILLION SHARE STOCK REPURCHASE PROGRAM

PITTSBURGH, Sept. 21, 1999--The board of directors of Mellon Bank Corporation
[NYSE: MEL] today authorized a new repurchase program covering 25 million shares
of Mellon common stock. This action follows the recent completion of another
repurchase program, approved by the board in January 1999, covering 20 million
shares of Mellon common stock.

     Since the beginning of 1995, Mellon has repurchased approximately 145
million shares of common stock and equivalents.

     The new stock repurchase program was announced last week when Mellon
reported that it will change its Corporate name to Mellon Financial Corporation.
The name change, expected to take effect early in the fourth quarter of 1999, is
being made following research that indicated a change from "Bank" to "Financial"
in the Corporation's name more clearly communicates the shift in emphasis in
Mellon's strategic focus.

     Mellon is a global financial services company with approximately $2.5
trillion in assets under management, administration or custody, including more
than $465 billion under management. One of the world's leading providers of
wealth management and global asset management for individual and institutional
investors, as well as global investment services for businesses and
institutions, Mellon also offers a comprehensive array of banking services for
individuals and small, midsize and large businesses and institutions in selected
geographies. Its 12 asset management companies, which include The Dreyfus
Corporation in the United States and Newton Management Limited in the United
Kingdom, provide investment products in virtually every asset class or
investment style. In addition, Mellon is a top global provider of custody,
retirement and benefits consulting services through its Mellon Trust and Buck
Consultants affiliates. Headquartered in Pittsburgh, Pennsylvania, Mellon has
operations or joint ventures around the world.

     Press releases and other information about Mellon and its products and
services are available at www.mellon.com on the Internet.

                                 [LOGO] Mellon

                 [LOGO] Dreyfus      [LOGO] The Boston Company

     The Dreyfus Corporation and The Boston Company are companies of Mellon Bank
Corporation.