Exhibit 99.1
FOR FURTHER INFORMATION CONTACT:
All Shareholder Exchange Questions:
D. F. King
Metropolitan Information Agent
800-848-2998
Investment Community Only:
Marcus Faust
Executive V.P. and Chief Financial Officer
216-206-1217
mfaust@metrobat.com
METROPOLITAN FINANCIAL CORP. ANNOUNCES CONTROLLING
SHAREHOLDER'S ELECTION IN THE
PENDING SHARE EXCHANGE PROCESS
RELATED TO THE MERGER WITH SKY FINANCIAL GROUP, INC.
Highland Hills, OH - April 9, 2003 - Metropolitan Financial Corp. (Nasdaq:
METF), parent company (the "Company") of Metropolitan Bank and Trust Company,
today announced that the Company's controlling shareholder, Mr. Robert M. Kaye,
announced that he will be electing to exchange all of his shares of the
Company's common stock in the pending share exchange process related to the
merger of the Company with and into Sky Financial Group, Inc. ("Sky") for 70
percent in Sky common stock and 30 percent in cash. Mr. Kaye holds approximately
67 percent of the Company's outstanding shares of common stock.
About the Companies
Metropolitan Financial Corp. is a Unitary Thrift Holding Company headquartered
in Highland Hills, Ohio. Metropolitan Bank and Trust Company operates 24
full-service retail sales offices in the Cleveland metropolitan area of
northeastern Ohio and maintains six loan production offices throughout Ohio and
western Pennsylvania. To find out more about our products and services, please
visit our website at www.metrobat.com.
Sky Financial Group, Inc. is an $11 billion diversified financial holding
company headquartered in Bowling Green, Ohio. Sky operates approximately 230
financial centers and over 200 ATMs serving communities in Ohio, Pennsylvania,
Michigan, Indiana and West Virginia. The company's related financial service
affiliates include Sky Bank, Sky Trust, Sky Financial Solutions, Sky Access, Sky
Insurance and Meyer & Eckenrode Insurance Group. Sky is located on the web at
www.skyfi.com.
Forward-Looking Statement and Associated Risk Factors
This release contains forward-looking statements that are subject to
assumptions, risks and uncertainties. Forward-looking statements can be
identified by the fact that they do not relate to historical or current facts.
They often include the words "believe," "expect," "anticipate," "likely,"
"intend," "plan," "estimate," or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could," or "may." Actual
results could differ materially from those contained in or implied by such
forward-looking statements for a variety of factors, including: changes in
interest rates; continued weakening in the economy and other factors that would
materially impact credit quality trends, real estate lending and the ability of
Metropolitan Bank & Trust Company to generate loans; business and other factors
affecting the economic outlook of individual borrowers of Metropolitan Bank &
Trust and their ability to repay loans as agreed; the ability of Metropolitan
Financial Corp. and Metropolitan Bank & Trust Company to timely meet their
obligations under their respective supervisory agreements and the July 8, 2002,
Supervisory Directive; the status of relevant markets in which Metropolitan
Financial Corp. and Metropolitan Bank and Trust Company may sell various assets;
an increase in the dollar amount of non-performing loans held by Metropolitan
Bank and Trust Company; increased competition which raises rates paid on demand
and time deposits offered by Metropolitan Bank and Trust Company; adverse
developments in material collection and other lawsuits involving Metropolitan
Bank and Trust Company; delay in or inability to execute strategic initiatives
designed to grow revenues and/or manage expenses; changes in law imposing new
legal obligations or restrictions; the ability of Metropolitan Bank and Trust
Company to continue to use the Federal Home Loan Bank as a source of liquidity;
and changes in accounting, tax or regulatory practices or requirements.
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