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Sky Financial deal for Akron Bank is final

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December 6, 2005

Sky Financial Group Inc. has completed its acquisition of Falls Bank in a deal valued at $12.6 million.

The two branches of Falls Bank in Akron have been converted to the name of Sky Bank, a subsidiary of Sky Financial. A New York City consumer advocacy group had questioned the deal, alleging the Bowling Green bank does not make enough loans to minorities or issues them at higher rates, but the Federal Reserve Bank approved the acquisition.

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.