Sky Financial Group

Infobox Company
name = Sky Financial Group

type = Public (NASDAQ|SKYF)
foundation = 1998
location_city = Bowling Green, Ohio
location_country = United States
locations = 330 financial centers, over 400 ATMs
key_people = Marty Adams, Chairman, CEO, and President
area_served = Ohio, Pennsylvania, Indiana, Michigan, West Virginia
industry = Finance and Insurance
services = Commercial and retail banking
net_income = $348 million
num_employees = 4330
subsid = Sky Bank, Sky Insurance, Sky Trust
slogan = Personal Attention. Professional Advice.
homepage = [http://www.skyfi.com/ www.skyfi.com]
dissolved = 2007-07-01

Sky Financial Group, Inc., was a diversified financial services holding company that operated in the Midwestern United States from 1998 until its 2007 purchase by rival bank Huntington Bancshares. Its largest subsidiary was Sky Bank, a commercial and retail banking company headquartered in Salineville, Ohio, that operated 330 financial centers and over 400 ATMs in Ohio, Pennsylvania, Indiana, Michigan and West Virginia. Other wholly-owned subsidiaries included investment, trust, and insurance services.

Sky Financial Group was headquartered in Bowling Green, Ohio, and was formed by the 1998 "merger of equals" of the $2.2 billion Mid Am, Inc., of Bowling Green and the $1.8 billion Citizens Bancshares, Inc., of Salineville.Citation
title=Mid Am, East Ohio Bank OK $4 Billion Union
newspaper = The Blade
date=1998-05-22 ] The resulting $4 billion company ranked as the 96th largest American bank. At the time of its 2007 acquisition by Huntington, Sky Financial Group was the 43rd largest bank holding company in the country with over $17.6 billion in assets. [cite web
url=http://www.ffiec.gov/nicpubweb/nicweb/Top50Form.aspx
title=Top 50 bank holding companies
accessdate=2007-04-15
date=2007-03-31
publisher=Federal Financial Institutions Examination Council ] The company had 4330 employees.cite web
url=http://www.ibanknet.com/scripts/callreports/getbank.aspx?id=ibn1438&cert=1071203
title=Sky Financial Group Inc.
accessdate=2007-07-17
date=2007-05-08
work=Holding Companies
publisher=iBanknet.com ]

Huntington acquisition

On December 20, 2006, Sky Financial Group announced that Huntington Bancshares, based out of Columbus, Ohio, would be taking over the company. This is also considered a merge between the two companies, with Huntington Bancshares taking the upper-hand.cite press release
title=Huntington Bancshares And Sky Financial Group Announce Merger Agreement
publisher=Huntington Bancshares Inc.
date=2007-12-20
url=http://www.investquest.com/iq/h/hban/ne/finnews/hban122006sky.htm
accessdate=2007-12-21 ] Beginning in March, Sky and Huntington began consolidating and closing redundant offices. Once complete, Sky's major operations centers in Bowling Green, Ohio, Toledo, Ohio, Cleveland, Ohio, and East Liverpool, Ohio, will be closed. Additionally, 88 banking centers (about 25% of Sky's total footprint) will be consolidated. Sky Bank's abandonment of these markets have left gaping holes in the communities they once served. Several have questioned the impact on local economy this merger will have on the communities where Sky and Huntington co-exist, including Ohio Congressman Dennis Kucinich (D-Cleveland). Congressman Kucinich had asked the Cleveland Federal Reserve Bank to hold hearings concerning the Sky-Huntington merger, however, the Federal Reserve approved the merger without regard to Kucinich's requests. [cite press release
title=Federal Reserve Bank has Failed Northeast Ohio Residents by Allowing Huntington Bank’s Acquisition of Sky Bank
publisher=Congressman Dennis Kucinich
date=2007-06-26
url=http://kucinich.house.gov/news/DocumentSingle.aspx?DocumentID=66832
accessdate=2007-06-26 ]

Acquisition and merger history

Prior to its merger with Huntington Bancshares, Sky completed fourteen acquisitions and mergers during its nine years of operation.

References

External links

* [http://www.skyfi.com Sky Financial Group]