Lenders Living Alone And Liking It

Midsize banks find that niches help keep the acquirer away

In his 47th-floor office at One Mellon Bank Center in Pittsburgh, Martin G. McGuinn is ready for a fight. Since assuming the chairman's post at Mellon Bank Corp. on Jan. 1, the ex-Marine has been bolstering his defenses against a possible takeover. Management has been streamlined, and laggard businesses--credit cards, ATM servicing, and most mortgages--have been put on the block. And he's shoring up Mellon's strongest suit: managing money for wealthy clients through such tony subsidiaries as Dreyfus Fund and Boston Co.

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