Overview
Huntington Bancshares Incorporated is a prominent regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, the company has grown substantially over the years and now boasts assets of approximately $196 billion as of the latest reports. Huntington Bancshares operates primarily through its subsidiary, The Huntington National Bank, providing a wide range of financial services including banking, payments, wealth management, and risk management products. The bank serves consumers, small and middle-market businesses, corporations, municipalities, and other organizations.
Key Financials
- Total Assets: $196 billion
- Net Income (2023): $1.817 billion
- Total Equity (2023): $19.353 billion
Huntington Bancshares is also listed on the NASDAQ under the ticker HBAN and is a constituent of the S&P 500 Index. Ranked 466th on the Fortune 500 list as of 2024, it is recognized as one of the largest banks in the United States and the largest originator of SBA 7(a) loans.
Market Presence
Huntington National Bank operates approximately 1,047 banking offices primarily in the Midwest:
- Ohio: 459 branches
- Michigan: 290 branches
- Minnesota: 80 branches
- Pennsylvania: 51 branches
- Indiana: 45 branches
- Illinois: 35 branches
- Colorado: 32 branches
- West Virginia: 29 branches
- Wisconsin: 16 branches
- Kentucky: 10 branches
Leadership
Executive Team
- Stephen D. Steinour - Chairman, President, and CEO
- Zachary Wasserman - CFO & Senior EVP
- Paul G. Heller - Chief Technology & Operations Officer (Retiring in March 2024)
- Amit Dhingra - Chief Enterprise Payments Officer
- Kendall Kowalski - Chief Information Officer
- Prashant Nateri - Chief Corporate Operations Officer
Following the announcement of Paul Heller's retirement, Amit Dhingra, Kendall Kowalski, and Prashant Nateri have been promoted to the executive leadership team, reflecting Huntington's commitment to internal growth and leadership development.
Strategic Initiatives
1. Digital Innovation: Huntington offers a comprehensive suite of online and mobile banking services, with high ratings on both the Apple App Store (4.8/5) and Google Play (4/5). This includes capabilities for viewing account balances, depositing checks, and transferring funds, highlighting their focus on enhancing user experience.
2. Community Engagement: The company has a robust program known as the $40 billion Community Plan, aimed at improving economic vitality. Initiatives under this plan include environmental sustainability strategies and a strong emphasis on small-business lending programs.
3. Partnerships and Sponsorships:
- Naming rights for several venues, including Huntington Bank Field, Huntington Center, and Huntington Place.
- Sponsorship of the CyberSecure My Business program, which provides cybersecurity guidance to small and medium-sized enterprises.
Recent Developments
1. Expansion Plans: In October 2020, Huntington announced plans to expand into Philadelphia, marking a significant strategic move into new geography.
2. Acquisition of TCF Financial Corporation: Completed on June 9, 2021, this acquisition expanded Huntington's footprint into Minnesota and Colorado for the first time, involving the closure of 198 branches due to overlap.
3. Innovative Financial Solutions: Huntington has been proactive in adopting modern financial technologies, including the conversion of its ATMs for enhanced functionality and mobile deposit capabilities.
Financial Strength and Market Performance
Huntington has demonstrated significant financial resilience and growth, showcasing a robust financial position with strong asset quality and consistent profitability. The bank has a solid reputation for its operational excellence and customer-focused philosophy.
Competitor Profiling for Huntington National Bank
Overview of Competitors
Huntington National Bank, founded in 1866, is a full-service banking provider operating across a seven-state banking franchise. As a well-established institution in the banking and financial services industry, Huntington National Bank faces significant competition from both regional and national banks.
Key Competitors and Industry Landscape
Top Competitors
Huntington National Bank's main competitors include:
- Fifth Third Bank
- Bank of America
- U.S. Bancorp
- KeyCorp
- Truist Bank
Detailed Profiles of Key Competitors
Fifth Third Bank
- Headquarters: Cincinnati, Ohio
- Founded: 1858
- Primary Services: Fifth Third Bank operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management.
- Financial Position: Fifth Third Bank is one of the larger competitors with significant market presence in the Midwest.
- Market Emphasis: Focuses on financial empowerment and improving customer lives through comprehensive financial services.
Bank of America
- Headquarters: Charlotte, North Carolina
- Founded: 1998 (merger of NationsBank and BankAmerica)
- Primary Services: Offers a full range of banking, investing, asset management, and other financial and risk management services.
- Financial Size: One of the world's leading financial institutions with a significant U.S. and global footprint, serving 69 million consumer and small business clients, and holding $1.2 trillion in consumer deposits.
- Market Position: Known for robust digital banking capabilities and a strong focus on Environmental, Social, and Governance (ESG) leadership.
- Total Assets: $2.81 trillion (as of December 2023)
U.S. Bancorp
- Headquarters: Minneapolis, Minnesota
- Founded: 1863
- Primary Services: Comprehensive banking, investment, mortgage, trust, and payment services products to consumers, businesses, and institutions.
- Financial Size: U.S. Bancorp is recognized as the fifth-largest banking institution in the United States.
- Market Focus: Emphasizes digital capabilities and ethical management practices.
KeyCorp
- Headquarters: Cleveland, Ohio
- Founded: 1849
- Primary Services: Provides both retail and commercial banking services, including commercial mortgages, special servicing, and consumer finance.
- Assets: $189.8 billion
- Market Positioning: Focuses on community banking and has a widespread presence across 14 states with over 1,000 branches.
Truist Bank
- Headquarters: Charlotte, North Carolina
- Founded: Formed in 2019 through the merger of BB&T and SunTrust Banks
- Primary Services: Offers an extensive range of products including consumer banking, small business banking, commercial banking, corporate investment banking, wealth management, and specialized lending.
- Total Assets: $520 billion as of June 30, 2024.
- Market Reach: 1,900+ branches and 2,900+ ATMs across 17 states and Washington D.C.
Comparative Financial Data (Sample from Key Competitors)
- U.S. Bancorp: Total Revenue $40.6B; Employees 70,000
- Fifth Third Bancorp: Total Revenue $12.6B; Employees 18,607
- KeyCorp: Total Revenue $10.4B; Employees 16,699
- Truist Bank: Total Assets $520B; Loans $307B; Deposits $385B
Huntington National Bank is thriving in a competitive landscape populated by sizable and robust financial institutions, each with strengths in digital banking, financial services, and market coverage. To uphold its competitive edge, Huntington National Bank needs to leverage its regional market strength, focus on expanding digital services, and maintain a customer-centric approach.
