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Sky Financial Completes Acquisition of Prospect Bancshares
BOWLING GREEN, Ohio -- Sky Financial Group Inc. completed the acquisition of Prospect Bancshares Inc., Worthington, Ohio, and its wholly-owned subsidiary, Prospect Bank, effective Nov. 30. Prospect Bank merged with Sky Financial Group's subsidiary, Sky Bank, at the close of business Dec. 3, and Prospect Bank converted to Sky Bank's name, products and operating systems this past weekend.The acquisition increases Sky's asset size to $15 billion. Under the terms of the agreement, shareholders of Prospect will be entitled to receive cash, shares of Sky Financial Group common stock, or a combination thereof, based upon an election process that occurred prior to closing. Cash consideration is valued at $35 per Prospect common share and stock consideration is fixed at an exchange ratio of 1.425 shares of Sky Financial common stock for each common share of Prospect.The agreement further provides that, in the aggregate, 60% of outstanding Prospect shares will be exchanged for Sky Financial common stock, with the remainder of Prospect common shares exchanged for cash. Based on Sky Financial's closing price of $28.96 on Nov. 30, the transaction represents an approximate exchange value of $41.27 for each common share of Prospect Bancshares and an aggregate transaction value of $51.6 million.The Prospect Bank offices and ATMs add to Sky Bank's presence in Columbus and are part of the bank's Ohio Bank Region, directed by Regional President Tom Weissling.Sky Financial Group operates over 280 financial centers and over 300 ATMs serving communities in Ohio, Pennsylvania, Michigan, Indiana and West Virginia.Visit Sky Financial Group Inc.: www.skyfi.com"