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"Sky Bank Signs Go Up, Second National Come Down"
"YOUNGSTOWN, Ohio -- Beginning this weekend, residents of the Mahoning Valley will no longer see Second National Bank signs or advertisements. Sky Financial Group Inc. this morning announced it has finished its acquisition of Second Bancorp Inc. and the changeover to the Sky Bank brand, products and operating systems has begun.The merger includes Second Bancorp's Stouffer-Herzog Insurance Agency Inc., based in Ashtabula. The agency will be integrated with Sky Insurance some time after the bank conversion is completed, officials said.The acquisition increases Sky's assets to $14.2 billion. Under the terms of the agreement, shareholders of Second Bancorp will receive 1.26 shares of Sky Financial Group common stock for each share of Second Bancorp. Based on Sky Financial's June 30 closing price of $24.73, the transaction represents an exchange value of $31.16 for each common share of Second Bancorp and an aggregate transaction value of $296 million.Sky Bank has over 285 financial centers and over 300 ATMs servingcommunities in Ohio, Pennsylvania, Michigan, Indiana and West Virginia.The Second Bancorp offices and ATMs will significantly add to three different Sky Bank operating regions, with the majority of the offices becoming part of the bank's Mahoning Valley Region, directed by Frank Hierro, regional president. "We are excited about the prospects for our region and the other offices being added in eastern Ohio," Hierro said. "Second National has a wonderful group of employees and a similar culture, which has made the transition these past few months a good one."Hierro emphasized that Sky intends to continue its strong support of the many communities throughout the Mahoning Valley, particularly Warren and Youngstown. Sky Bank will continue to occupy the former Second National main office in Warren as well as another office in that city. "We already have an established presence in the Youngstown area and look forward to our growth into the Warren market," Hierro said.Visit Sky: www.skyfi.com"