| Type | Public (NASDAQ: HBAN) S&P 500 Component |
|---|---|
| Industry | Finance and Insurance |
| Founded | 1866,[1] P.W. Huntington |
| Headquarters | Columbus, Ohio[1] |
| Key people | Stephen D. Steinour, Chairman, President and CEO (2009)[1] |
| Products | Banking[1] |
| Revenue | 3,702,830 (2008)[1] |
| Employees | 11,000 [1] |
| Website | www.huntington.com |
Huntington Bancshares, Inc., is a US$53 billion Midwestern bank holding company headquartered in Columbus, Ohio. It is the 24th largest American bank.[2] As of October 22, 2008, it was listed on the S&P 500. It was ranked number 610 on the 2008 Fortune 1000.[3]
The company's banking affiliate, The Huntington National Bank, provides retail and commercial financial services in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia. Huntington also provides retail services online.
There also are selected financial service activities in other states, including offices in Florida, Cayman Islands, and Hong Kong.[1] Huntington also had retail banking offices in Florida until 2002, when it sold these branches off to SunTrust Banks in order to focus on its core Midwestern operations.[4]
Huntington formerly had ATM's located at locations of Pittsburgh-based restaurant chain Eat'n Park, which it had acquired through its 2007 acquisition of Sky Financial Group. These are now run by third-party ATM providers.
| Number of banking offices by State[1] | ||
|---|---|---|
| State | Banking offices | |
| Ohio | 403 | |
| Florida | 2 | |
| Indiana | 52 | |
| Kentucky | 14 | |
| Michigan | 129 | |
| Pennsylvania | 62 | |
| West Virginia | 34 | |
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On December 20, 2006, Huntington Bancshares announced they would buy Sky Financial Group Inc. based out of Bowling Green, Ohio.[5] This merger was completed on July 1, 2007, although Sky branches did not change their branding until late September.[6]
Huntington was one of the banks attempting, alongside Fifth Third Bank, to acquire the National City branches in the Pittsburgh region that had to be sold off by PNC Financial Services by order of the United States Department of Justice as part of the deal for PNC to acquire National City. Huntington, which had entered the Pittsburgh market by way of the Sky acquisition, has been expanding in that market, and had considered the National City branches as a way to expand its market share.[7] Ultimately, PNC sold the overlapping branches to First Niagara Bank.[8]
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.[9] On December 18, 2009, Huntington signed a 45-day lease with the FDIC to run a bridge bank for the failed Citizens State Bank in New Baltimore, Michigan.
Huntington acquired the tiny Savings Bank of Chillicothe, Ohio in the early 1980's, which only got notoriety 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 had subsequently kept the account open to the present day. Huntington officials, after doing research on the account in question, 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.[10]
Huntington Bancshares also operates Huntington Preferred Capital, Inc. This entity serves as a Real Estate Investment Trust (REIT).
Huntington Preferred Capital 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.[12]
In addition to the common stock, Huntington Preferred Capital also issued 2 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 out, HPCLI became a wholly owned subsidiary of Huntington Preferred Capital Holdings, which holds all the shares of HPCLI.[12]
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