The Bank of New York Company, Inc. [LOGO]

The Bank of New York Company, Inc.
$1,000,000,000
The Bank of New York Company, Inc. CoreNotesSM

            Filed under Rule 424 (b)(3), Registration Statement No. 333-103003,
                  333-103003-01, 333-103003-02, 333-103003-03 and 333-103003-04
                                          Pricing Supplement dated June 13, 2003
                                        (To prospectus dated March 6, 2003, and
                                    prospectus supplement dated March 28, 2003)

=================================================================
             Aggregate               Purchasing     Proceeds
  CUSIP      Principal   Price to      Agent's       Before
  Number      Amount     Public(1)   Discount(1)    Expenses(1)
=================================================================

06406JCZ6   $22,503,000    100.00%       2.00%          98.00%

-----------------------------------------------------------------

=================================================================
   Interest      Interest        Stated
   Rate Per      Payment        Maturity     Survivor's
    Annum       Frequency         Date        Option
=================================================================

    4.60%      Semiannual    June 15, 2018      YES

-----------------------------------------------------------------

Senior Subordinated Notes
Interest Payment Dates:  June 15th and December 15th of each year commencing
December 15, 2003
Redemption Information:  Redeemable at the option of The Bank of New York
Company, Inc. on June 15, 2006 and each Interest Payment Date thereafter, at a
price equal to 100% on 30 calendar days notice.
-----------------------------------------------------------------
The Bank of New York Company, Inc
One Wall Street
New York, New York 10286

Trade Date:  June 13, 2003
Issue Date:  June 18, 2003
Minimum Denominations/Increments: $1,000/$1,000
Original Issue Discount: No
All trades settle without accrued interest and clear SDFS: DTC Book-Entry only
Merrill Lynch DTC Participant Number:  5132
The defeasance and covenant defeasance provisions of the Senior Subordinated
Indenture described under "Description of Senior Debt Securities and Senior
Subordinated Debt Securities - Defeasance and Covenant Defeasance" in the
Prospectus will apply to the Notes.

(1) Expressed as a percentage of the aggregate principal amount.
"CoreNotes" is a service mark of Merrill Lynch & Co., Inc.

                                                            Merrill Lynch & Co.
                                                               Purchasing Agent
                                                            Acting as Principal
===============================================================================