The company's banking subsidiary, The Huntington National Bank, operates 1047 banking offices, primarily in the
Midwest: 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.[7][8][4] 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.[8]
At the end of the 2021 fiscal year, Huntington was the nation's #1 originator of
SBA 7(a) loans.[9]
History
P. W. Huntington formed P. W. Huntington & Company in 1866, operating on the northwest corner of
High and
Broad Streets;[10] the site now houses the regional headquarters for rival
U.S. Bancorp. 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.[11] Huntington died in 1918 shortly after turning the bank over to his sons.[12]
Francis Huntington became president and provided active leadership for 14 years.[13] 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.[14]
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, it reorganized as a holding company, Huntington Bancshares Incorporated.
In 1967, Huntington Bancshares acquired the
Washington Court House-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-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. 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.[14]
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.[14]
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.[14] Huntington acquired the tiny Savings Bank of
Chillicothe, Ohio 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.[15]
In 1983, the bank acquired
Cleveland-based Union Commerce Bank.[16]
In June 2011, three wordmarks and 2 icons were placed on the top of the
200 Public Square building in
Cleveland, Ohio. 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.[43][44][45][46]
In 2012, Huntington was in merger discussions with
Flint, Michigan-based
Citizens Republic Bancorp. Discussions stalled and
FirstMerit purchased Citizens Republic in September 2012. FirstMerit was itself to be acquired by Huntington in 2016. [47][48]
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.[49] 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.[50]
In March 2014, the company acquired Ohio-based
Camco Financial, holding company for Advantage Bank, for $97 million in stock.[51][52][53][54]
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.[70]
TCF merger
On December 13, 2020, Huntington announced a merger with
Detroit-based
TCF Bank. 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.[71] 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.[72] 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[73] and it was completed on June 9, 2021. The combined bank has $175 billion in assets.[4]
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, which was renamed the Huntington Tower.[74][75][76] The building was originally intended to house Chemical Financial prior to its merger with TCF.[77] The building houses 800 employees of the combined company.[78]
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. [citation needed] 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.[74]