Being the largest subsidiary of the Sky Financial Group, Sky Bank had a prominent place in the market with its range of banking products. The former has merged with Huntington Bank and thus the latter is now history and all its products are now offered under the brand name of Huntington. The sky group is known to have undergone fourteen mergers and acquisitions before this recent one.
Sky Bank was headquartered in Salineville, Ohio and used to operate three hundred and thirty financial centers. It also operated over four hundred ATMs in Ohio, Pennsylvania, Indiana, Michigan and West Virginia. The bank offered commercial banking and retail banking to its clients. Take a look at the services that were available with the bank.
Commercial Banking at Sky Bank
The bank dealt with deposits and loans from corporations and businesses. It raised funds by collecting deposits from businesses and consumers via checkable deposits, savings deposits, and time (or term) deposits. It extended loans to businesses and consumers. It also purchased corporate bonds and government bonds. Its primary liabilities included deposits and primary assets as loans and bonds. Processing payments via telegraphic transfer, internent banking or any other means were also one of the Sky Bank’s commercial banking distiction. Other main services in this category included:
• Issuing bank drafts and checks
• Accepting money on term deposit
• Lending money through overdrafts, installment loans or otherwise
• Providing letters of credit, guarantees, performance bonds, securities etc
• Safe keeping through safe deposit boxes
• Currency exchange
• Financial supermarket
Both secured and unsecured loans were issued at Sky Bank for commercial clients. In the secured loans category mortgages were the most prominent product. However instruments of unsecured loans included: credit cards, debit cards, personal loans, bank overdrafts, lines of credit and corporate bonds. So much for commercial banking, let’s take a look at what the bank offered to its retail clients.
Retail Banking at Sky Bank
On the other hand, the bank extended services directly to individuals rather than corporations. Services hereby offered included: savings and checking accounts, mortgages, personal loans, debit cards, credit cards and so on. Prominent features included:
• Low rate savings account
• Low ate checking accounts
• Competitive rates on Certificates of deposit
• Low rate mortgage facilities
• Low rate personal loans
• Low rate home loans
• Competitive auto financing
• Credit cards with a low service fee
• Accounts with minimal balance requirement
• Online banking facility for free
• Bill payments online
• Funds transfer facility on the internet
• Funds transfer facility on the phone
• Insurance products including life insurance, auto insurance, home-owners insurance pet insurance and travel insurance. In fact the insurance products at Sky are now added to the product line of Sky Bank.
The bank had earned a great market share for the Sky Financial Group with its excellent customer service and minimum turn around time on transaction processing. The variety of credit cards available to customers was also a big source of inclination. Both corporate and individual clients were given due attention so that no financial need was left unanswered. No wonder it was the largest subsidiary for the Sky Group. Zero balance accounting service was being followed by Sky Bank which Huntington has now included in its portfolio. Easy wire transfer facility was and is being provided to corporate clients.
It is but a surprise to see a merger between rivals; yes, the Sky Financial and Huntington were known to be rivals and they ended up in this merger. This merger also led to closing down of major operations centers of Sky Bank.
