Huntington Bank Announces $2 Billion Lending Commitment In Michigan
Huntington's commitment is part of the new Pure Michigan Business Connect Program
MACKINAC ISLAND, Mich., June 2, 2011 /PRNewswire/ -- Huntington Bank (NASDAQ: HBAN; www.huntington.com) today announced a groundbreaking public-private lending partnership with the state of Michigan and the Michigan Economic Development Corporation (MEDC) by committing $2 billion in commercial and small business lending throughout the state. Huntington's expertise in small business lending has made it the No. 1 SBA lender in Michigan and the 3rd largest SBA lender in the country.
The four-year commitment is aimed at generating jobs and attracting businesses to Michigan. Huntington is the first Michigan bank to enter into this partnership.
"Huntington believes in Michigan and its promising future," said Steve Steinour, chairman, president and CEO of Huntington Bank. "Huntington has committed $2 billion in lending to Michigan because we want to help businesses expand and generate jobs.
"Gov. Rick Snyder, the state legislature and the MEDC are making the state more business friendly," added Steinour. "We are working with them to help restore the state to the economic powerhouse it once was. We plan to be a vital engine in Michigan's exciting future."
Huntington's commitment is part of a $3 billion public-private initiative, announced today by Michigan Gov. Rick Snyder along with top business leaders, including Steinour, at the Mackinac Policy Conference, sponsored by the Detroit Regional Chamber.
Initial program participants in addition to Huntington include CMS Energy, DTE Energy, and the Export Import Bank of the U.S. (ExIm).
"Our relationship with Huntington represents the kind of collaboration we need to grow Michigan," said Gov. Snyder. "With $2 billion in new lending capacity, the partnership will play a major role in bringing more employment to Michigan."
"Huntington is providing a valuable resource to Michigan's business attraction toolkit," said MEDC CEO Mike Finney. "MEDC is looking forward to working with Huntington as we bring new businesses and jobs to the state."
For more information on accessing lending through the Pure Michigan Business Connect Program, business leaders can call 1-888-509-1017, Monday-Friday from 7:30-6:30 p.m. and Sat. 8:00 a.m. to 5:00.p.m. or visit https://www.huntington.com/mipartnership.
Huntington Bancshares Incorporated is a $53 billion regional bank holding company headquartered in Columbus, Ohio. Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial product and services. The principal markets for these services are Huntington's six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of over 600 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and over 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
SOURCE Huntington Bank
Released June 2, 2011