Huntington Bancshares Inc
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Huntington Bancshares Incorporated is an American bank holding company headquartered in
Columbus, Ohio Columbus () is the state capital and the most populous city in the U.S. state of Ohio. With a 2020 census population of 905,748, it is the 14th-most populous city in the U.S., the second-most populous city in the Midwest, after Chicago, and t ...
. The company is ranked 521st on the
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, and is 26th on the list of largest banks in the United States. The company's banking subsidiary, The Huntington National Bank, operates 1047 banking offices, primarily in the
Midwest The Midwestern United States, also referred to as the Midwest or the American Midwest, is one of four Census Bureau Region, census regions of the United States Census Bureau (also known as "Region 2"). It occupies the northern central part of ...
: 459 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 and 10 in Kentucky. In January 2009, the bank's Board of Directors named Steve Steinour as president, CEO, and chairman, succeeding Thomas Hoaglan, who retired after eight years in those positions. At the end of the 2021 fiscal year, Huntington was the nation's #1 originator of SBA 7(a) loans.


History

P. W. Huntington formed P. W. Huntington & Company in 1866, operating on the northwest corner of
High High may refer to: Science and technology * Height * High (atmospheric), a high-pressure area * High (computability), a quality of a Turing degree, in computability theory * High (tectonics), in geology an area where relative tectonic uplift ...
and Broad Streets; the site now houses the regional headquarters for rival
U.S. Bancorp U.S. Bancorp (stylized as us bancorp) is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of U.S. Bank National Association, and is the fifth largest banking institution i ...
. Huntington built its first five-story building in 1878, on the intersection's southwest corner. Four out of five sons of P. W. would become partners during the 1890s and early 1900s. The bank was incorporated in 1905 as The Huntington National Bank of Columbus. Huntington died in 1918 shortly after turning the bank over to his sons. Francis Huntington became president and provided active leadership for 14 years. In 1915, the bank received limited trust powers. In 1922, the bank received full trust powers from the Federal Reserve System. In 1923, Huntington purchased Columbus-based the State Savings Bank & Trust Company and the Hayden-Clinton National Bank of Columbus, swelling its capital base. In 1958, Huntington acquired the Columbus-based The Market Exchange Bank Company. In 1962, Huntington acquired both First National Bank of Grove City and The People's Bank of Canal Winchester. In 1963, Huntington acquired both The Columbus Savings Bank and the Columbus-based The Northern Savings Bank. In 1966, Huntington Bancshares Incorporated (HBI) was established as a bank holding company. In 1967, Huntington Bancshares acquired the
Washington Court House Washington Court House (often abbreviated as Washington C.H.) is a city in Union Township, Fayette County, Ohio. It is the county seat of Fayette County and is located between Cincinnati and Columbus. The population grew almost 1.5% from 2010 to ...
-based The Washington Savings Bank. In 1969, it acquired the Ashland-based Farmers Bank. In 1970, it also acquired the Bowling Green-based The Bank of Wood County Company, the
Toledo Toledo most commonly refers to: * Toledo, Spain, a city in Spain * Province of Toledo, Spain * Toledo, Ohio, a city in the United States Toledo may also refer to: Places Belize * Toledo District * Toledo Settlement Bolivia * Toledo, Orur ...
-based The Lucas County State Bank, and Lagonda National Bank of Springfield. In 1971, Huntington Bancshares acquired First National Bank & Trust Company of Lima, The Woodville State Bank, and the Kent-based The Portage National Bank. In 1972, it acquired The First National Bank of Wadsworth and The First National Bank of Kenton, also establishing the first 24-hour, fully automated banking office. In 1973, Alger Savings Bank merged into an affiliate in
Kenton, Ohio Kenton is a city in and the county seat of Hardin County, Ohio, United States, located in the west-central part of Ohio about 57 mi (92 km) northwest of Columbus and 70 mi (113 km) south of Toledo. Its population was 7,947 a ...
. In 1976, The Huntington Mortgage Company formed as a subsidiary of Huntington Bancshares with The Pickerington Bank being merged into the bank. In 1977, Huntington Bancshares acquired The Bellefontaine National Bank, The Central National Bank of London, and Columbus-based The Franklin National Bank. In 1979, a loan production office opened in Dayton, Ohio. In 1975, the company changed its logo to its current "honeycomb" logo. In 1980, Farmers & Merchants Bank, Milford Center and The First National Bank of Burton were merged with Huntington Bancshares. In 1981, the bank acquired Alexandria Bank Company and renamed it The Huntington State Bank, with a loan production office opening in Cincinnati. In 1982, the bank merged with the Reeves Banking and Trust Company. Huntington acquired the tiny Savings Bank of
Chillicothe, Ohio Chillicothe ( ) is a city in and the county seat of Ross County, Ohio, United States. Located along the Scioto River 45 miles (72 km) south of Columbus, Chillicothe was the first and third capital of Ohio. It is the only city in Ross Count ...
in the early 1980s, which gained some fame in 2011 when 100-year-old June Gregg revealed to Huntington officials that her father had opened a savings account for her as a baby with Savings Bank in 1913 and that she had subsequently kept the account open. Huntington officials later confirmed it and gave her account a temporary increase in her interest rate to 5% as a centenarian present for her 98-year loyalty to Huntington and the Chillicothe branch's predecessor, Savings Bank. In 1983, the bank acquired Cleveland-based Union Commerce Bank. In 1997, the bank acquired First Michigan Bank Corporation of Holland, Michigan. In 2002, the company sold its branches in Florida to SunTrust Banks for $705 million. In March 2006, the company acquired Unizan Financial. In July 2007, the company acquired
Sky Financial Group Inc. Sky Financial Group, Inc., was a diversified financial services holding company that operated in the Midwestern United States from 1998 until its 2008 acquisition by rival bank Huntington Bancshares. Its largest subsidiary was Sky Bank, a c ...
based in Bowling Green, Ohio, which increased its presence in Indiana and Ohio and expanded it into Western Pennsylvania for the first time. As of 2021, Huntington is the sixth-largest bank in the Pittsburgh market by deposits. In November 2008, the United States Department of the Treasury invested $1.4 billion in the company as part of the Troubled Asset Relief Program and in December 2010, the company repaid the Treasury. The U.S. government made a profit of over $144 million from its investment in the company. In 2009, Huntington bid against rival Fifth Third Bank to acquire
National City Corp. National City Corporation was a regional bank holding company based in Cleveland, Ohio, USA, founded in 1845; it was once one of the ten largest banks in America in terms of deposits, mortgages and home equity lines of credit. Subsidiary Nation ...
branches in the Pittsburgh region from
PNC Financial Services The PNC Financial Services Group, Inc. (stylized as PNC) is an American bank holding company and financial services corporation based in Pittsburgh, Pennsylvania. Its banking subsidiary, PNC Bank, operates in 27 U.S. state, states and the D ...
. The United States Department of Justice ordered PNC to sell the branches to comply with United States antitrust law concerns after the
National City acquisition by PNC The National City acquisition by PNC was the deal by PNC Financial Services to acquire National City Corp. on October 24, 2008 following National City's untenable loan losses during the subprime mortgage crisis. The deal received much controversy ...
. Ultimately, PNC sold the overlapping branches to
First Niagara Bank First Niagara Bank was a Federal Deposit Insurance Corporation-insured regional banking corporation headquartered in Buffalo, New York. Its parent company, First Niagara Financial Group, Inc. was the 44th-largest bank in the United States with a ...
. On October 3, 2009, the Federal Deposit Insurance Corporation named Huntington as receiver of a $400 million deposit portfolio from the bank failure of Warren Bank in Warren, Michigan. On December 18, 2009, Huntington signed a 45-day lease with the FDIC to run a
bridge bank A bridge bank is an institution created by a national regulator or central bank to operate a failed bank until a buyer can be found. While national laws vary, the bridge bank is usually established by a publicly backed deposit insurance organis ...
for the failed Citizens State Bank in
New Baltimore, Michigan New Baltimore is a city in Macomb County in the U.S. state of Michigan. The population was 12,117 at the 2020 census. New Baltimore is a northern suburb of Metro Detroit and is located along the northern shores of Lake St. Clair. History Ne ...
. In June 2011, three wordmarks and 2 icons were placed on the top of the
200 Public Square 200 Public Square is a skyscraper in Cleveland, Ohio. The building, located on Public Square in Downtown Cleveland, reaches 45 stories and with of office space. It is the third-tallest building in Cleveland and fourth-tallest in the state of Oh ...
building in
Cleveland, Ohio Cleveland ( ), officially the City of Cleveland, is a city in the U.S. state of Ohio and the county seat of Cuyahoga County. Located in the northeastern part of the state, it is situated along the southern shore of Lake Erie, across the U.S. ...
. The Building was formerly named the BP Building and was headquarters to SOHIO from 1985 to 2011, when the logo was put on the building. In March 2012, the bank acquired Dearborn-based Fidelity Bank. In 2012, Huntington was in merger discussions with
Flint, Michigan Flint is the largest city and seat of Genesee County, Michigan, United States. Located along the Flint River, northwest of Detroit, it is a principal city within the region known as Mid Michigan. At the 2020 census, Flint had a population of 8 ...
-based Citizens Republic Bancorp. Discussions stalled and
FirstMerit FirstMerit Corporation was a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $26.2 billion as of June 30, 2016, and 359 banking offices and 400 ATM locations in Ohio, Michigan, Wisconsin, Illinoi ...
, which was itself acquired by Huntington in 2016, purchased Citizens Republic in September 2012. In the first quarter of 2013, Huntington changed its ATMs to new ones that allow customers to make deposits by inserting cash and checks directly into the ATM. The bank started in 2014 offering ATM deposits from mobile phones and through online transfers until 11:59 p.m. and post them that day. In March 2014, the company acquired Ohio-based
Camco Financial Camco Financial Corporation, or Camco Financial, headquartered in Cambridge, Ohio, was a registered bank holding company under the law of Delaware. It wholly owned the Ohio-based Advantage Bank and operated 22 offices in Ohio, Kentucky and West V ...
, holding company for Advantage Bank, for $97 million in stock. In September 2014, the company acquired 24 offices of Bank of America in Central Michigan, including the Port Huron, Flint, and Saginaw markets. This raised the number of Huntington branches in Michigan to 173, including over 40 locations housed in Meijer stores. In March 2015, the company acquired Michigan-based Macquarie Equipment Finance, Inc. from
Sydney, Australia Sydney ( ) is the capital city of the States and territories of Australia, state of New South Wales, and the most populous city in both Australia and List of cities in Oceania by population, Oceania. Located on Australia's east coast, the metro ...
-based
Macquarie Group Macquarie Group Limited () is an Australian global financial services group. Headquartered and listed in Australia (), Macquarie employs more than 17,000 staff in 33 markets, is the world's largest infrastructure asset manager and Australia' ...
for $458 million. In January 2016, Huntington announced it would purchase Akron-based
FirstMerit Corporation FirstMerit Corporation was a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $26.2 billion as of June 30, 2016, and 359 banking offices and 400 ATM locations in Ohio, Michigan, Wisconsin, Illinoi ...
for $3.4 billion, making the FirstMerit Tower in Akron, Ohio, have the Huntington word mark on it, and making it one of the largest banks in Ohio. Due to Sherman Antitrust Act concerns by the United States Department of Justice, it sold 11 branches in Canton and two in
Ashtabula Ashtabula ( ) is a city in Ashtabula County, Ohio, United States, and the center of the Ashtabula micropolitan area. It is located at the mouth of the Ashtabula River on Lake Erie, northeast of Cleveland. As of the 2020 census, the city ha ...
to First Commonwealth Bank. Additionally, 107 branches located within 2.5 miles of other Huntington / FirstMerit branches were closed. In June 2022, Huntington completed its acquisition of
Capstone Partners Capstone Partners is a full service middle market investment bank Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such a ...
, an investment bank and advisory firm based in Boston.


Historic checks

In 2012, Huntington started displaying old checks that were written by famous people, including 24 former
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such as Abraham Lincoln,
George Washington George Washington (February 22, 1732, 1799) was an American military officer, statesman, and Founding Father who served as the first president of the United States from 1789 to 1797. Appointed by the Continental Congress as commander of th ...
, Thomas Jefferson, Andrew Jackson, Theodore Roosevelt,
Franklin Roosevelt Franklin Delano Roosevelt (; ; January 30, 1882April 12, 1945), often referred to by his initials FDR, was an American politician and attorney who served as the 32nd president of the United States from 1933 until his death in 1945. As the ...
, and Niles, Ohio native William McKinley. Other checks were signed by Charles Dickens, Thomas Edison, Ernest Hemingway, and Susan B. Anthony, among others. The most notable check was one written by Lincoln to "self" for $800 dated April 13, 1865, the day before his
assassination Assassination is the murder of a prominent or important person, such as a head of state, head of government, politician, world leader, member of a royal family or CEO. The murder of a celebrity, activist, or artist, though they may not have ...
. The checks are estimated to be worth over $75,000 today. Huntington acquired the checks in 1983 when it purchased Union Commerce Bank and received several boxes of old documents, but weren't discovered until 2011 when a Huntington employee was looking through the documents.


Huntington Preferred Capital

Huntington Bancshares also operates Huntington Preferred Capital, Inc., a real estate investment trust (REIT). It was organized under Ohio law in 1992 and designated as a REIT in 1998. Four related parties own HPCI's common stock: Huntington Capital Financing LLC; Huntington Preferred Capital II, Inc.; Huntington Preferred Capital Holdings, Inc.; and Huntington Bancshares Incorporated. All these entities are tied via ownership and/or interlocking directorships to Huntington Bancshares, either directly or through Huntington National Bank. In addition to the common stock, Huntington Preferred Capital also issued two million shares of preferred stock, paying a quarterly cash dividend of $0.4925 per share. This stock is largely held by the same companies as the common stock, but a small fraction of the available shares are sold on the open market. Huntington Preferred Capital had one subsidiary, HPCLI, Inc., a taxable REIT subsidiary formed in March 2001 for the purpose of holding certain assets (primarily leasehold improvements). On December 31, 2007, Huntington Preferred Capital paid common stock dividends consisting of cash and the stock of HPCLI to its common stock shareholders. After the stock dividend was paid, HPCLI became a wholly owned subsidiary of Huntington Preferred Capital Holdings, which holds all the shares of HPCLI.


TCF merger

On December 13, 2020, Huntington announced a merger with Detroit-based
TCF Bank TCF Bank was the wholly owned banking subsidiary of TCF Financial Corporation, a bank holding company headquartered in Detroit. As of August 10, 2020, TCF Bank had approximately 475 branches in Minnesota, Illinois, Michigan, Colorado, Wisconsin, ...
. Under the terms of the merger agreement, the bank would retain the Huntington name and the company and retail bank would remain headquartered in Columbus. As part of the merger, the company also announced it would close 198 branches due to overlap. This included all 97 branches located inside Meijer stores in Michigan. Regulators announced on May 26, 2021 that TCF Bank would be required by the Department of Justice to sell 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval was given for the merger and it was completed on June 9, 2021. The combined bank has $175 billion in assets. The company's retail banking business remains headquartered in Columbus. The company's commercial banking business is based in the TCF Building in
downtown Detroit Downtown Detroit is the central business district and a residential area of the city of Detroit, Michigan, United States. Locally, downtown tends to refer to the 1.4 square mile region bordered by M-10 (Lodge Freeway) to the west, Interstate 75 ( ...
, which was renamed the Huntington Tower. The building was originally intended to house Chemical Financial prior to its merger with TCF. The building houses 800 employees of the combined company. The merger allowed Huntington to enter Minnesota and Colorado for the first time. The merged bank has 1,100 branches stretching from West Virginia to Colorado; its most important markets are Columbus, Detroit, Minneapolis-St. Paul, and Chicago. The merger also led to the closure of TCF Bank's only branch in South Dakota. TCF branches were converted in the fourth quarter of 2021.


Sponsorships

Huntington owns the naming rights to: *
Huntington Bank Pavilion Huntington Bank Pavilion at Northerly Island is an outdoor amphitheater located on the man-made peninsula Northerly Island, in Chicago, Illinois. The venue is a temporary structure, with the summer concert season running from May or June until S ...
in Chicago * Huntington Bank Stadium in Minneapolis * Huntington Center in Toledo *
Huntington Convention Center of Cleveland The Huntington Convention Center of Cleveland is a convention center located in downtown Cleveland, Ohio, in the United States. Built by Cuyahoga County, Ohio, beneath the Cleveland Mall, it opened on June 7, 2013. The older Cleveland Conventio ...
* Huntington Park in Columbus * Huntington Place in Detroit


See also

*


References


Further reading

* *


External links

* {{authority control 1866 establishments in Ohio American companies established in 1866 Banks established in 1866 Banks based in Ohio Companies based in the Columbus, Ohio metropolitan area Companies listed on the Nasdaq