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Huntington Bancshares — Loans Republished // WIKI 2

Financial institution holding firm headquartered in Columbus, Ohio

Huntington Nationwide Financial institution
Kind Public
Nasdaq: HBAN
S&P 500 Index element
Business Banking
Based 1866; 155 years in the past (1866) as P. W. Huntington & Firm in Columbus, Ohio
Founder P.W. Huntington
Headquarters Columbus, Ohio
39°57′40″N 83°00′02″W / 39.961153°N 83.000594°W / 39.961153; -83.000594

Space served

Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, and Illinois

Key individuals

Stephen D. Steinour, Chairman, President & CEO
Zachary Wasserman, CFO
Income Increase $4.35 billion (2017)
Increase $1.186 billion (2017)
Complete property Increase $104.185 billion (2017)
Complete fairness Increase $10.814 billion (2017)

Variety of staff

15,693 (2020)[citation needed]
Web site huntington.com
Footnotes / references
[1]
Map of Huntington branches, as of February 2021 (prior to merger with TCF Bank)
Map of Huntington branches, as of February 2021 (previous to merger with TCF Financial institution)
The Huntington Center (left), the company's headquarters, beside the Huntington National Bank Building (right), in downtown Columbus, Ohio
Huntington Bank location in Springboro, Ohio
Huntington's Weatherball in Flint, Michigan, built in 1956 by Citizens Bank, the former building owner

Huntington Bancshares Integrated is a financial institution holding firm headquartered in Columbus, Ohio. The corporate is ranked five hundredth on the Fortune 500,[2] and is thirty fifth on the listing of largest banks in the United States.

The corporate’s banking subsidiary, The Huntington Nationwide Financial institution, operates 920 banking places of work, primarily within the Midwest: 459 in Ohio, 290 in Michigan, 51 in Pennsylvania, 45 in Indiana, 35 in Illinois, 29 in West Virginia, and 10 in Kentucky. In January 2009, the financial institution’s Board of Administrators named Steve Steinour as president, CEO, and chairman, succeeding Thomas Hoaglan, who retired after eight years in these positions.[3]

The corporate is the second-largest originator of Small Enterprise Administration loans.[4]

Historical past

P. W. Huntington shaped P. W. Huntington & Firm in 1866, working on the northwest nook of Excessive and Broad Streets. Huntington constructed its first five-story constructing in 1878, on the intersection’s southwest nook. 4 out of 5 sons of P. W. would grow to be companions in the course of the Eighteen Nineties and early 1900s. The financial institution was included in 1905 as The Huntington Nationwide Financial institution of Columbus. Huntington died in 1918 shortly after turning the financial institution over to his sons.[7]

Francis Huntington grew to become president and offered lively management for 14 years. In 1915, the financial institution obtained restricted belief powers. In 1922, the financial institution obtained full belief powers from the Federal Reserve System. In 1923, Huntington bought Columbus-based the State Financial savings Financial institution & Belief Firm and the Hayden-Clinton Nationwide Financial institution of Columbus, swelling its capital base.[9]

In 1958, Huntington acquired the Columbus-based The Market Trade Financial institution Firm. In 1962, Huntington acquired each First Nationwide Financial institution of Grove Metropolis and The Folks’s Financial institution of Canal Winchester. In 1963, Huntington acquired each The Columbus Financial savings Financial institution and the Columbus-based The Northern Financial savings Financial institution. In 1966, Huntington Bancshares Integrated (HBI) was established as a financial institution holding firm.

In 1967, Huntington Bancshares acquired the Washington Court docket Home-based The Washington Financial savings Financial institution. In 1969, it acquired the Ashland-based Farmers Financial institution. In 1970, it additionally acquired the Bowling Inexperienced-based The Financial institution of Wooden County Firm, the Toledo-based The Lucas County State Financial institution, and Lagonda Nationwide Financial institution of Springfield. In 1971, Huntington Bancshares acquired First Nationwide Financial institution & Belief Firm of Lima, The Woodville State Financial institution, and the Kent-based The Portage Nationwide Financial institution. In 1972, it acquired The First Nationwide Financial institution of Wadsworth and The First Nationwide Financial institution of Kenton, additionally establishing the primary 24-hour, absolutely automated banking workplace.

In 1973, Alger Financial savings Financial institution merged into an affiliate in Kenton, Ohio. In 1976, The Huntington Mortgage Firm shaped as a subsidiary of Huntington Bancshares with The Pickerington Financial institution being merged into the financial institution. In 1977, Huntington Bancshares acquired The Bellefontaine Nationwide Financial institution, The Central Nationwide Financial institution of London, and Columbus-based The Franklin Nationwide Financial institution. In 1979, a loan manufacturing workplace opened in Dayton, Ohio.[9]

In 1975, the corporate modified its emblem to its present “honeycomb” emblem.

In 1980, Farmers & Retailers Financial institution, Milford Middle and The First Nationwide Financial institution of Burton have been merged with Huntington Bancshares.[9]

In 1981, the financial institution acquired Alexandria Financial institution Firm and renamed it The Huntington State Financial institution, with a loan manufacturing workplace opening in Cincinnati, Ohio.

In 1982, the financial institution merged with the Reeves Banking and Belief Firm.[9] Huntington acquired the tiny Financial savings Financial institution of Chillicothe, Ohio within the early Eighties, which gained some fame in 2011 when 100-year-old June Gregg revealed to Huntington officers that her father had opened a financial savings account for her as a child with Financial savings Financial institution in 1913 and that she had subsequently saved the account open. Huntington officers later confirmed it and gave her account a short lived improve in her curiosity price to five% as a centenarian current for her 98-year loyalty to Huntington and the Chillicothe department’s predecessor, Financial savings Financial institution.[10]

In 1983, the financial institution acquired Cleveland-based Union Commerce Financial institution.[11]

In 1997, the financial institution acquired First Michigan Financial institution Company of Holland, Michigan.[12][13][14]

In 2002, the corporate offered its branches in Florida to SunTrust Banks for $705 million.[15][16][17]

In March 2006, the corporate acquired Unizan Monetary.[18][19]

In July 2007, the corporate acquired Sky Monetary Group Inc. elegant in Bowling Inexperienced, Ohio, which elevated its presence in Indiana and Ohio and expanded it into Western Pennsylvania for the primary time.[20][21][22][23][24]

In November 2008, the United States Division of the Treasury invested $1.4 billion within the firm as a part of the Troubled Asset Aid Program and in December 2010, the corporate repaid the Treasury. The U.S. authorities made a revenue of over $144 million from its funding within the firm.[25][26][27][28]

In 2009, Huntington bid in opposition to rival Fifth Third Financial institution to amass Nationwide Metropolis Corp. branches within the Pittsburgh area from PNC Monetary Providers. The United States Division of Justice ordered PNC to promote the branches to adjust to United States antitrust regulation issues after the Nationwide Metropolis acquisition by PNC.[29] In the end, PNC offered the overlapping branches to First Niagara Financial institution.[30]

On October 3, 2009, the Federal Deposit Insurance coverage Company named Huntington as receiver of a $400 million deposit portfolio from the financial institution failure of Warren Financial institution in Warren, Michigan.[31][32][33]

On December 18, 2009, Huntington signed a 45-day lease with the FDIC to run a bridge financial institution for the failed Residents State Financial institution in New Baltimore, Michigan.[34][35][36]

In March 2012, the financial institution acquired Dearborn-based Constancy Financial institution.[37][38][39][40]

In 2012, Huntington was in merger discussions with Flint, Michigan-based Residents Republic Bancorp. Discussions stalled and FirstMerit, which was itself acquired by Huntington in 2016, bought Residents Republic in September 2012.[41][42]

Within the first quarter of 2013, Huntington modified its ATMs to new ones that enable clients to make deposits by inserting money and checks straight into the ATM.[43] The financial institution began in 2014 providing ATM deposits from cellphones and thru on-line transfers till 11:59 p.m. and publish them that day.[44]

In March 2014, the corporate acquired Ohio-based Camco Monetary, holding firm for Benefit Financial institution, for $97 million in inventory.[45][46][47][48]

In September 2014, the corporate acquired 24 places of work of Financial institution of America in Central Michigan, together with the Port Huron, Flint, and Saginaw markets. This raised the variety of Huntington branches in Michigan to 173, together with over 40 places housed in Meijer shops.[49][50][51]

In March 2015, the corporate acquired Michigan-based Macquarie Tools Finance, Inc. from Sydney, Australia-based Macquarie Group for $458 million.[52][53][54]

In January 2016, Huntington introduced it will buy Akron-based FirstMerit Company for $3.4 billion, making it one of many largest banks in Ohio.[55] As a result of Sherman Antitrust Act issues by the United States Division of Justice, it offered 11 branches in Canton and two in Ashtabula to First Commonwealth Financial institution.[56] Moreover, 107 branches positioned inside 2.5 miles of different Huntington / FirstMerit branches have been closed.[57][58][59]

On December 13, 2020, Huntington administration introduced a merger with Detroit-based TCF Financial institution.[60] Below the phrases of the merger settlement, the financial institution will retain the Huntington identify with industrial banking headquartered in Detroit and retail banking elegant in Columbus.[61] As a part of the merger, the corporate additionally introduced it will shut 198 branches on account of overlap. This consists of all 97 branches positioned inside Meijer shops in Michigan.[62]

Historic checks

In 2012, Huntington began displaying outdated checks that have been written by well-known individuals, together with 24 former U.S. Presidents similar to Abraham Lincoln, George Washington, Thomas Jefferson, Andrew Jackson, Theodore Roosevelt, Franklin Roosevelt, and Niles, Ohio native William McKinley. Different checks have been signed by Charles Dickens, Thomas Edison, Ernest Hemingway, and Susan B. Anthony, amongst others.[63] Probably the most notable test was one written by Lincoln to “self” for $800 dated April 13, 1865, the day earlier than his assassination.[64] The checks are estimated to be value over $75,000 at this time. Huntington acquired the checks in 1983 when it bought Union Commerce Financial institution and obtained a number of bins of outdated paperwork, however weren’t found till 2011 when a Huntington worker was trying via the paperwork.[65]

Huntington Most popular Capital

Huntington Bancshares additionally operates Huntington Most popular Capital, Inc., an actual property funding belief (REIT). It was organized underneath Ohio regulation in 1992 and designated as a REIT in 1998. 4 associated events personal HPCI’s widespread inventory: Huntington Capital Financing LLC; Huntington Most popular Capital II, Inc.; Huntington Most popular Capital Holdings, Inc.; and Huntington Bancshares Integrated. All these entities are tied by way of possession and/or interlocking directorships to Huntington Bancshares, both straight or via Huntington Nationwide Financial institution.

Along with the widespread inventory, Huntington Most popular Capital additionally issued two million shares of most well-liked inventory, paying a quarterly money dividend of $0.4925 per share. This inventory is basically held by the identical corporations because the widespread inventory, however a small fraction of the out there shares are offered on the open market. Huntington Most popular Capital had one subsidiary, HPCLI, Inc., a taxable REIT subsidiary shaped in March 2001 for the aim of holding sure property (primarily leasehold enhancements). On December 31, 2007, Huntington Most popular Capital paid widespread inventory dividends consisting of money and the inventory of HPCLI to its widespread inventory shareholders. After the inventory dividend was paid, HPCLI grew to become an entirely owned subsidiary of Huntington Most popular Capital Holdings, which holds all of the shares of HPCLI.[66]

Huntington owns the naming rights to:

See additionally

References

  1. ^ “Huntington Bancshares Integrated 2017 Type 10-Ok Annual Report”. U.S. Securities and Trade Fee.
  2. ^ “Fortune 500: Huntington Bancshares”. Fortune.
  3. ^ “Huntington hires Ex-Residents Monetary exec as CEO”. The Columbus Dispatch. January 14, 2009. Retrieved Might 17, 2020.
  4. ^ Navera, Tristan (February 13, 2018). “Huntington Financial institution cites tax reform for spike in small enterprise loans”. Columbus Enterprise First.
  5. ^ “Shaping Columbus: P.W. Huntington, founder of Huntington Nationwide Financial institution”. Columbus Enterprise First. March 2, 2012. Retrieved January 30, 2016.
  6. ^ a b c d “Timeline: Huntington Bancshares”.
  7. ^ Whiteman, Doug (June 5, 2011). “Ohio lady, 100, nonetheless makes use of financial institution account courting to 1913”. USA Right now.
  8. ^ Wheeler, Linda (January 17, 2012). “Was Lincoln doing some monetary planning?”. The Washington Publish.
  9. ^ “Huntington Bancshares Integrated Columbus, Ohio - Order Approving Acquisition of a Financial institution Holding Firm” (Press launch). Federal Reserve Board of Governors. September 2, 1997.
  10. ^ “First Michigan purchased: Huntington Bancshares Inc. mentioned…” Chicago Tribune. Might 5, 1997.
  11. ^ “Huntington to Purchase First Michigan Financial institution”. The New York Instances. Bloomberg Information. Might 6, 1997.
  12. ^ Salgat, Ken (February 18, 2002). “Huntington Nationwide Financial institution’s Tampa Bay place run over”. Tampa Bay Enterprise Journal.
  13. ^ Flynn, Barry (September 26, 2001). “Suntrust Will Purchase Financial institution’s Branches”. Orlando Sentinel.
  14. ^ Mollenkamp, Carrick; Perez, Evan (September 26, 2001). “SunTrust Banks to Pay $705 Million For Huntington’s Florida Enterprise”. The Wall Avenue Journal.(subscription required)
  15. ^ “Huntington completes Unizan acquisition”. Dayton Enterprise Journal. March 1, 2006.
  16. ^ “Huntington Bancshares To Purchase An Ohio Lender”. The New York Instances. Related Press. January 28, 2004.
  17. ^ “Huntington Bancshares and Sky Monetary Group Announce Merger Settlement” (Press launch). U.S. Securities and Trade Fee. December 20, 2006.
  18. ^ “Huntington Bancshares to Purchase Sky Monetary”. The New York Instances (Press launch). December 20, 2006.
  19. ^ Mezger, Roger (September 21, 2007). “Huntington rebranding Sky Financial institution branches”. The Plain Vendor. Cleveland.
  20. ^ Burns, Adrian (December 20, 2006). “Huntington agrees to purchase Sky Monetary”. Columbus Enterprise First.
  21. ^ Turner, Shawn A. (December 20, 2006). “Huntington seems to be to the Sky in $3.6B deal”. Crain’s Cleveland Enterprise.
  22. ^ Kulikowski, Laurie (December 13, 2010). “Huntington Financial institution to Repay TARP”. TheStreet.com.
  23. ^ “Huntington’s TARP reimbursement made”. Columbus Enterprise First. December 22, 2010.
  24. ^ Aspan, Maria; Rauch, Joe (December 13, 2010). “Two banks define TARP reimbursement plans”. Reuters.
  25. ^ Murray, Teresa Dixon (December 13, 2010). “Huntington to promote inventory to repay TARP to authorities”. The Plain Vendor. Cleveland.
  26. ^ Sabatini, Patricia (March 21, 2009). “FNB will not purchase Nationwide Metropolis items”. Pittsburgh Publish-Gazette.
  27. ^ Olson, Thomas (April 8, 2009). “First Niagara Financial institution buys 57 Nationwide Metropolis Financial institution branches from PNC”. Pittsburgh Tribune-Evaluate.
  28. ^ “The Huntington Nationwide Financial institution, Columbus, Ohio, Assumes All of the Deposits of Warren Financial institution, Warren, Michigan” (Press launch). Federal Deposit Insurance coverage Company. October 2, 2009.
  29. ^ van Doorn, Philip (October 3, 2009). “Three Extra Banks Fail”. TheStreet.com.
  30. ^ Halcom, Chad (October 5, 2009). “Warren Financial institution accounts will convert to Huntington Nationwide Financial institution in 1Q of 2010”. Crain’s Detroit Enterprise.
  31. ^ “FDIC Creates a Deposit Insurance coverage Nationwide Financial institution to Facilitate the Decision of Residents State Financial institution, New Baltimore, Michigan” (Press launch). Federal Deposit Insurance coverage Company. December 18, 2009.
  32. ^ Henderson, Tom (December 21, 2009). “State shuts down Residents State Financial institution in New Baltimore”. Crain’s Detroit Enterprise.
  33. ^ “Regulators shutter 2 huge Calif. banks, 5 others”. The Oklahoman. Related Press. December 18, 2009.
  34. ^ “Huntington Bancshares Purchases Constancy Financial institution in Southeastern Michigan” (Press launch). Huntington Bancshares. March 30, 2012 – by way of Enterprise Wire.
  35. ^ Kaffer, Nancy (March 30, 2012). “Huntington Nationwide Financial institution acquires Constancy Financial institution after mother or father Dearborn Bancorp dominated ’unsafe and unsound“. Crain’s Detroit Enterprise.
  36. ^ “Huntington buys Michigan’s Constancy Financial institution from FDIC”. Columbus Enterprise First. April 2, 2012.
  37. ^ “FDIC: Failed Financial institution Data: Constancy Financial institution, Dearborn, MI Closing Data” (Press launch). Federal Deposit Insurance coverage Company. July 9, 2018.
  38. ^ Rouan, Rick (September 13, 2012). “FirstMerit Corp., not Huntington, buys Residents Republic Bancorp in inventory deal”. Columbus Enterprise First.
  39. ^ “FirstMerit to purchase Residents Republic financial institution”. The Blade. Toledo. September 14, 2012.
  40. ^ Williams, Mark (February 18, 2013). “Huntington switching to ATMs that can do extra”. The Columbus Dispatch.
  41. ^ Murray, Teresa Dixon (April 18, 2014). “Huntington Financial institution expands deposit instances till midnight, provides to ’honest play’ technique”. The Plain Vendor. Cleveland.
  42. ^ “Huntington Bancshares Expands in Ohio with Closing of Acquisition of Camco Monetary, Mum or dad of Benefit Financial institution” (Press launch). Huntington Bancshares. March 4, 2014 – by way of Enterprise Wire.
  43. ^ “Huntington Bancshares Integrated Strengthens Its Quantity One Department Share in Ohio With the Acquisition of Ohio Primarily based Camco Monetary” (Press launch). Huntington Bancshares. October 10, 2013 – by way of Globe Newswire.
  44. ^ Weese, Evan (February 26, 2014). “Huntington-Camco deal to shut March 1”. Columbus Enterprise First.
  45. ^ Nemeroff, Evan (March 5, 2014). “Huntington Completes Camco Deal, Consolidates Branches”. American Banker.
  46. ^ “Huntington Bancshares Expands in Michigan with the Finalization of Its Acquisition of 24 Financial institution of America Branches” (Press launch). Huntington Bancshares. September 16, 2014 – by way of Enterprise Wire.
  47. ^ Weese, Evan (September 16, 2014). “Huntington places its stamp on Financial institution of America branches in Michigan”. Columbus Enterprise First.
  48. ^ Dresden, Eric (Might 14, 2014). “Huntington Financial institution buys 13 branches to Flint-area, Monroe, Muskegon in $500 million deal”. The Flint Journal.
  49. ^ “Huntington Bancshares Finalizes Acquisition of Macquarie Tools Finance, Inc” (Press launch). Huntington Bancshares. April 1, 2015 – by way of Enterprise Wire.
  50. ^ Chen, Angela; Steinberg, Julie (February 24, 2015). “Huntington to Purchase Macquarie Tools Finance”. The Wall Avenue Journal.(subscription required)
  51. ^ Weese, Evan (Might 7, 2015). “Huntington paid $458M for Macquarie Tools, submitting reveals”. Columbus Enterprise First.
  52. ^ Lin-Fisher, Betty (January 25, 2016). “Huntington to purchase Akron-based FirstMerit”. Akron Beacon Journal.
  53. ^ Nobile, Jeremy (July 27, 2016). “First Commonwealth Financial institution to purchase 13 branches divested in Huntington, FirstMerit merger”. Crain’s Cleveland Enterprise.
  54. ^ Mark, Williams (March 11, 2016). “Huntington to shut 107 places of work as half of FirstMerit acquisition”. The Columbus Dispatch.
  55. ^ Mark, Williams (August 16, 2016). “Huntington closes FirstMerit deal”. The Columbus Dispatch.
  56. ^ Murray, Teresa Dixon (January 26, 2016). “Huntington’s buy of FirstMerit will imply department closures, job loss”. The Plain Vendor.
  57. ^ “Huntington Bancshares And TCF Monetary Company Announce Merger To Create Prime 10 U.S. Regional Financial institution” (Press launch). TCF Financial institution. December 13, 2020. Retrieved December 14, 2020.
  58. ^ Manes, Nick (December 13, 2020). “Huntington to purchase TCF Financial institution in $22 billion deal”. Crain’s Detroit Enterprise. Retrieved December 14, 2020.
  59. ^ Rendl, J C (January 26, 2021). “Huntington, TCF to shut 198 branches for deliberate merger”. Detroit Free Press. Retrieved January 27, 2021 – by way of The Holland Sentinel.
  60. ^ Murray, Teresa Dixon (January 11, 2012). “Huntington Financial institution discovers authentic checks signed by Lincoln, Washington, Edison, Twain and others”. The Plain Vendor.
  61. ^ “Test Lincoln wrote day earlier than assassination is discovered”. Every day Herald. Arlington Heights, Illinois. Related Press. January 14, 2012.
  62. ^ “Cached at Huntington: Lincoln’s Final-Recognized Test”. The Wall Avenue Journal. November 26, 2011.(subscription required)
  63. ^ “Huntington Most popular Capital, Inc. 2017 Type 10-Ok Annual Report”. U.S. Securities and Trade Fee.
  64. ^ Vellequette, Larry (April 16, 2010). “Downtown Toledo enviornment will get a new identify; financial institution agrees to buy rights for $2.1 million”. The Blade. Toledo. Retrieved November 14, 2012.
  65. ^ “MSU & Huntington Financial institution Announce Multi-Sport Sponsorship Settlement” (Press launch). Michigan State College. July 24, 2012.
  66. ^ Murray, Teresa Dixon (April 6, 2016). “Huntington Financial institution buys early naming rights to Cleveland Conference Middle earlier than RNC”. The Plain Vendor. Cleveland.
  67. ^ Weese, Evan (April 6, 2016). “Huntington lands huge naming rights deal in Cleveland forward of GOP conference”. Columbus Enterprise First.

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