Huntington Bancshares

Huntington Bancshares Incorporated

File:Huntington Bancshares logo.svg Logo used since 1975 featuring the "honeycomb" emblem
Company type	Public
Industry	Banking
Founded	1 January 1866 (1866-01-01) in Columbus, Ohio, United States
Founder	P. W. Huntington
Headquarters	Columbus, Ohio , United States
Area served	Midwest United States
Key people	Stephen D. Steinour (CEO), Zachary Wasserman (CFO)
Products	Banking services, SBA 7(a) loans
Revenue	$11.96 billion (2024)
Net income	$1.801 billion (2024)
Total assets	$204.2 billion (2024)
Total equity	$19.74 billion (2024)
Number of employees	~20,000 (2024)
Website	www.huntington.com

Huntington Bancshares Incorporated is a banking holding company based in Columbus, Ohio, United States. Its primary banking arm, The Huntington National Bank, maintains a network of 1,047 branches predominantly situated throughout the Midwest. The distribution includes 459 locations in Ohio, 290 in Michigan, 80 in Minnesota, 51 in Pennsylvania, 45 in Indiana, 35 in Illinois, 32 in Colorado, 29 in West Virginia, 16 in Wisconsin, 10 in Kentucky, and a single branch in North Carolina.

Placed at number 466 on the Fortune 500 list for 2024, Huntington ranks among the largest banking institutions in the United States. It holds a leading position as the foremost originator of Small Business Administration (SBA) 7(a) loans by volume, highlighting its strong foothold in serving small business clients.

Huntington’s corporate strategy centers on broadening its presence within key Midwestern regions by leveraging an extensive branch system combined with a wide range of financial offerings. The company’s headquarters in Columbus supports nearly 20,000 employees and benefits from executive leadership under CEO Stephen D. Steinour and CFO Zachary Wasserman.

For the year 2024, Huntington reported revenues of $11.96 billion alongside net earnings of $1.801 billion. Its total assets amounted to $204.2 billion with shareholder equity reaching $19.74 billion, demonstrating robust financial health and steady expansion across its subsidiaries and market operations.

20th century

Founded by P. W. Huntington in 1866, P. W. Huntington & Company began operations at the corner of High and Broad Streets in Columbus, Ohio—a location now occupied by a competitor’s regional headquarters, U.S. Bancorp. Huntington erected his initial five-story building there in 1878. By the early twentieth century, four of his five sons had joined as partners. The institution was formally incorporated as The Huntington National Bank of Columbus in 1905. After transferring control to his sons, Huntington passed away in 1918.

Francis Huntington led the bank as president for fourteen years, overseeing growth and regulatory milestones such as obtaining full trust powers from the Federal Reserve in 1922. The following year, Huntington expanded its capital base through acquisitions including State Savings Bank & Trust Company and Hayden-Clinton National Bank.

From 1958 through 1979, the bank pursued an aggressive acquisition strategy across Ohio, purchasing institutions such as The Market Exchange Bank Company (1958), First National Bank of Grove City (1962), The People's Bank of Canal Winchester (1962), and The Columbus Savings Bank (1963). In order to facilitate further growth and acquisitions—including The Washington Savings Bank (1967) and Farmers Bank of Ashland (1969)—it established itself as a holding company named Huntington Bancshares Incorporated in 1966. Throughout the early seventies, it continued acquiring banks located in Toledo, Springfield, Lima, Kent, Wadsworth, and Kenton. In 1972, Huntington introduced Ohio’s first fully automated banking facility operating around the clock.

The formation of The Huntington Mortgage Company took place in 1976 while acquisitions persisted with purchases like The Bellefontaine National Bank and Franklin National Bank by 1977. New loan production offices commenced operations in Dayton (1979) and Cincinnati (1981). The distinctive "honeycomb" emblem was adopted as the company logo in 1975.

During the early 1980s, Huntington acquired smaller banks including Savings Bank of Chillicothe and merged with Reeves Banking and Trust Company (1982). A notable customer relationship dating back to 1913 was highlighted within its heritage marketing initiatives.

Expansion continued with the acquisition of Union Commerce Bank based in Cleveland in 1983 and First Michigan Bank Corporation from Holland, Michigan, in 1997—significantly extending its reach into adjacent markets and enhancing its regional banking presence.

21st century

In 2002, Huntington Bancshares divested its Florida operations to SunTrust Banks for $705 million. The company expanded its regional footprint by acquiring Unizan Financial in 2006, followed by the 2007 purchase of Sky Financial Group Inc., which broadened its reach into Indiana, Ohio, and Western Pennsylvania. During 2008, the U.S. Treasury injected $1.4 billion into the bank through the Troubled Asset Relief Program (TARP), an investment Huntington fully repaid by 2010, generating a government profit exceeding $144 million.

Steve Steinour was appointed president, CEO, and chairman in 2009. That same year, Huntington vied to acquire National City Corp. branches located in Pittsburgh; however, PNC divested overlapping locations to First Niagara Bank. Additionally, Huntington took over deposits from the failed Warren Bank and temporarily managed a bridge bank for Citizens State Bank in Michigan.

By 2011, Huntington’s brand was prominently displayed atop Cleveland’s 200 Public Square building. The following year, it acquired Fidelity Bank based in Dearborn and entered merger negotiations with Citizens Republic Bancorp—talks that ultimately stalled. Citizens Republic was later acquired by FirstMerit, which Huntington then purchased in 2016.

The bank advanced its technological offerings by upgrading ATM machines in 2013 and introducing mobile deposit functionality in 2014. In that year, Huntington also acquired Ohio’s Camco Financial for $97 million and took ownership of 24 Bank of America branches in Central Michigan, raising its branch count in Michigan to 173.

In March 2015, Huntington completed the $458 million acquisition of Macquarie Equipment Finance headquartered in Michigan. January 2016 saw the $3.4 billion acquisition of Akron-based FirstMerit Corporation, positioning Huntington among Ohio’s largest banking institutions; regulatory antitrust requirements necessitated divesting certain branches and closing others due to market overlap.

In October 2020, Huntington announced plans to expand into the Philadelphia market. On December 13, 2020, it revealed a $22 billion deal to acquire Detroit-based TCF Financial Corporation; this merger concluded on June 9, 2021. The transaction extended Huntington’s presence into Minnesota and Colorado but also involved regulatory-mandated branch closures and sales, including all Meijer store branches within Michigan.

By 2021, Huntington ranked as the sixth-largest bank by deposits in the Pittsburgh area. In June 2022, it finalized the acquisition of Capstone Partners, a Boston-based investment bank, enhancing its advisory capabilities. By 2023, Huntington had allocated $100 million toward venture capital funds and technology startups, underscoring a strategic commitment to innovation and growth within its corporate framework.

Huntington Preferred Capital

Huntington Bancshares manages Huntington Preferred Capital, a real estate investment trust (REIT) formed under Ohio law in 1992 and officially designated as a REIT in 1998. Ownership of its common stock is held by four affiliated entities—Huntington Capital Financing LLC, Huntington Preferred Capital II, Inc., Huntington Preferred Capital Holdings, Inc., and Huntington Bancshares Incorporated—all interconnected through ownership ties or overlapping board memberships with Huntington Bancshares or Huntington National Bank. Besides common stock, Huntington Preferred Capital issued two million shares of preferred stock that pay quarterly dividends of $0.4925 per share; these shares are predominantly owned by affiliated companies with a minor portion publicly traded. Its subsidiary HPCLI, Inc., established in 2001 as a taxable REIT subsidiary, holds specific assets primarily consisting of leasehold improvements. On December 31, 2007, dividends were distributed by Huntington Preferred Capital to common shareholders in both cash and HPCLI stock; thereafter, HPCLI became a wholly owned subsidiary of Huntington Preferred Capital Holdings.

Historical Checks

In 2012, Huntington presented a collection of checks endorsed by distinguished individuals, including 24 former U.S. presidents such as George Washington, Abraham Lincoln, and Theodore Roosevelt. The collection also featured checks signed by renowned cultural figures like Charles Dickens, Thomas Edison, and Ernest Hemingway. The most notable item was a check written by Lincoln to himself for $800 dated April 13, 1865, the day prior to his assassination. Valued at more than $75,000 in today's terms, these significant documents were obtained in 1983 during Huntington's acquisition of Union Commerce Bank but were only uncovered in 2011 when a Huntington staff member reviewed the archives.

Corporate Sponsorships

Huntington has secured naming rights for multiple high-profile venues, boosting its brand presence in strategic markets:

• Huntington Bank Pavilion located in Chicago
• Huntington Bank Stadium based in Minneapolis
• Huntington Center situated in Toledo
• Huntington Convention Center of Cleveland
• Huntington Park found in Columbus
• Huntington Place in Detroit
• Huntington Bank Field in Cleveland

These sponsorship initiatives support Huntington's strategic objectives to expand market influence and foster community connections within its home regions and other key areas.