COLUMBUS and BOWLING GREEN, Ohio – Huntington Bancshares Incorporated (NASDAQ: HBAN) and Sky Financial Group Inc. (NASDAQ:SKYF) today announced the signing of a definitive agreement to merge the two companies in a stock (90%) and cash (10%) transaction valued at approximately $3.6 billion.
To this, I say: shit.
This necessitates some unanticipated future planning on my part…
First and foremost: I work in the loan operations division of Sky Bank. From what I have come to understand, Huntington’s entire operations are based out of Columbus. Even if Aaron could transfer his higher-paying job to Columbus, I don’t think I’d be keen on selling the house and uprooting again at this point in my life. This gives me three potential options, from what I can see right now:
- Take a NW Ohio position as a teller, manager, or loan officer (with some extra training)
- Update my resume and portfolio NOW, and get out before 2nd quarter 2007
- See if Huntington plans to offer a severance package, THEN get a new gig
In any case, potential future maternity leave pay is in jeopardy. While we could afford to maintain a comfortable lifestyle on Aaron’s pay and 60% of my current pay, which is what I would have gotten from Sky for six weeks, maintaining a family of three on only Aaron’s pay would be problematic at best.
Then there’s the issue of my 401(k). That should be easy enough to roll into a Roth IRA, although I’ll have to do a little research to see how that works.
Fuckity fuck. I hate having my living in jeopardy. I know I still have a while to figure out what to go do with myself, but this is still not the kind of stress I wanted right now.
Well, shit.
This is indeed interesting news. I would keep a wary eye on it but not keep myself up all night or worry all weekend. Your 401k can be transferred if you found new employment and they offered a 401k. Perhaps option two on your list is the best plan of action. I like my job, but I always read the Sunday want ads. Hang in there.
My company recently went through a merger as well. They presented it as a merger at least until it was finalized by the shareholders. Ends up we were bought out and the other company is now in charge. Needless to say, this has not produced any benefits in my favor and my career is in jeopardy. And now I am being forced to make decisions that I wasn’t planning to make right now.
I have the same thought as you… not what I wanted to be dealing with at this point in my life!
My suggestion is to read any communication that you get on the merger with a fine tooth comb. At least in my situation, you kind of had to read between the lines at times.
But depending on Huntington’s business practices, this could end up opening doors for you that never would have existed before… you never know! 🙂
well, shit. i just got a job at Quicken Loans, which could help you if it werent 73 miles from toledo 🙁 closer than cbus, at any rate, but still probably not doable. heck, it’s 30 miles from me and it still takes me an hour to get here in the morning. super suck :/
well if you DO want to uproot and sell the house and move, northerly could work 😛