Sky Bancorp of Bowling Green, Ohio, completed its purchase of GLB Bancorp Inc. of Mentor on Monday, over the opposition of GLB's former chairman.
The deal was announced in July. Shareholders of the $209 million-asset GLB received 0.74 share of Sky for each of their shares. Based on Sky's closing price of $24.22 on Oct. 17, the aggregate price was $42 million.
GLB is the parent of the 46-year-old Great Lakes Bank.
Sky closed the deal despite an unsolicited, 11th-hour bid by Jerome T. Osborne, who had been GLB's nonexecutive chairman for nine years until he resigned last month to protest its decision to sell to the $12.8 billion-asset Sky.
GLB rejected Mr. Osborne's bid on Wednesday.
Sky plans to fold Great Lakes Bank's 13 branches into its Greater Cleveland region, which was established in May, when Metropolitan Bank and Trust Co. was merged into its Sky Bank.
