Sky Financial Group Inc. of Bowling Green, Ohio, has agreed to buy Prospect Bancshares of Worthington for $46.9 million in cash and stock.
The deal, announced Wednesday, would more than double Sky's market share in the Columbus metropolitan market.
Sky, with $14.3 billion of assets, said it would pay 40% in cash and 60% in stock. Prospect shareholders would receive $35 cash or 1.425 shares of Sky stock for each of their shares. The deal is expected to close in the fourth quarter.
The $202 million-asset Prospect has four branches in the Columbus market and a 0.54% deposit share, according to the most recent numbers available from the Federal Deposit Insurance Corp.
Sky, with a market share of 0.47%, has three branches in Columbus, Ohio's capital, and three more in Franklin County.
Marty E. Adams, Sky's president, chairman, and chief executive officer, said Prospect is a "great fit" for Sky. "The Columbus market is an area we have identified as a key growth market. The acquisition of Prospect will significantly expand our presence there."
