BNB shareholders OK merger with Sky Bank

SHAREHOLDERS OF Belmont Bancorp., parent of Belmont National Bank, have approved a merger plan, previously announced in December 2004, between Belmont and Sky Financial Group, Inc.

Votes cast in favor of the proposed transaction totaled 8,297,304 shares, representing 74.6 percent of the total shares outstanding and over 96 percent of the shares participating in the vote. Approval of the proposal required a vote in favor of the transaction by a majority of the outstanding shares.

Wilbur Roat, President and CEO of Belmont Bancorp., said that he is "very pleased with the support from our shareholders. We look forward to closing this transaction on June 1."

Management officials anticipate that the merger of BNB into Sky Bank will occur on June 1, and will become effective at the close of business on June 3.

Once the changeover goes into effect, former BNB customers will have access to an expanded ATM network, with machines in Ohio, West Virginia and western Pennsylvania, new insurance options and other products and services offered by Sky Bank, Roat said.

BNB shareholders can choose to receive cash in the amount of $6.15 per BNB common share, common shares of Sky at the rate of 0.219, common shares of Sky for each Belmont common share, or a combination of the two in exchange for their Belmont common shares. A proration mechanism will be used to assure that 72.5 percent of the outstanding BNB common shares will be exchanged for Sky common shares and 27.5 percent of the outstanding BNB common shares will be exchanged for cash. Customers must make this decision by 5 p.m. Friday.

Belmont Bancorp., a holding company with total assets of $294 million, operates BNB offices in Bellaire, Bridgeport, Cadiz, Lansing, New Philadelphia, St. Clairsville, Schoenbrunn and Shadyside, and in the Woodsdale and Elm Grove areas of Wheeling. Belmont Bancorp.

Common stock trades on the NASDAQ SmallCap Market under the symbol "BLMT." Sky Financial Group, Inc. common stock trades on the NASDAQ National Market under the symbol "SKYF."

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.