New York-based Mellon Bank Corp., 11th-largest in...

New York-based Mellon Bank Corp., 11th-largest in the United States, posted a sharp drop in fourth-quarter earnings and said its full-year were below the previous year’s level due to the need to boost its loan-loss reserves. A spokesman said the fourth-quarter results, though disappointing, also represented “management actions to realign the corporation’s international banking activities.” Mellon’s $98.2-million provision for the fourth quarter includes $43 million toward possible credit losses and $55 million for actual credit losses, primarily from commercial loans.