Sky Financial Group, Inc. , is a diversified financial services company operating in the United States Midwestern from 1998 to 2007 acquisition by competitor bank Huntington Bancshares. Its largest subsidiary is Sky Bank , a commercial and retail banking company headquartered in Salineville, Ohio, which operates 330 financial centers and over 400 ATMs in Ohio, Pennsylvania, Indiana, Michigan and West Virginia. Other wholly owned subsidiaries include investment, trust, and insurance services.
Sky Financial Group is headquartered in Bowling Green, Ohio, and was formed by a 1998 "merger equation" of $ 2.2 billion Mid Am, Inc., from Bowling Green and $ 1.8 billion Citizens Bancshares, Inc., from Salineville. The resulting $ 4 billion company is ranked 96th as the largest American bank. At the time of the 2007 acquisition by Huntington, Sky Financial Group is the 43rd largest holding company of banks in the country with assets of more than $ 17.6 billion. The company has 4330 employees.
Video Sky Financial Group
Akuisisi Huntington
On December 20, 2006, Sky Financial Group announced that Huntington Bancshares, based in Columbus, Ohio, will take over the company. It's considered a merger, with Huntington Bancshares at the top. Starting in March, Sky and Huntington begin to consolidate and shut down redundant offices. When completed, Sky's main operating centers in Bowling Green, Ohio, Toledo, Ohio, Cleveland, Ohio, and East Liverpool, Ohio, were then closed. In addition, 88 banking centers (about 25% of Sky's total impressions) are consolidated. Huntington's withdrawal in these markets has resulted in them economically weakening [1] . Some people question the impact on the local economy this merger will exist in 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 a hearing on the merger of Sky-Huntington, however, the Federal Reserve approved the merger regardless of Kucinich's request.
Maps Sky Financial Group
Acquisition and merge history
Prior to the merger with Huntington Bancshares, Sky completed fourteen acquisitions and mergers during its nine years of operation.
References
External links
- Sky Financial Group
Source of the article : Wikipedia
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