Huntington's Equipment Finance Business Originates $1.5 Billion in Assets
COLUMBUS, Ohio, Dec. 12 /PRNewswire/ -- Huntington Equipment Finance, a division of Huntington Bank, has originated more than $1.5 billion in assets under management as of Sept. 30, 2007. Launched in 2001, Huntington Equipment Finance realized more than $500 million in assets under management by mid-2006 and has more than tripled that record in the subsequent 18 months.
"Huntington has developed an extremely competitive equipment finance business thanks to a highly capable team that has the knowledge and expertise to meet customer needs in a timely and efficient manner," said Rob Allanson, President, Huntington Equipment Finance. "Additionally, our efforts over the past two years to diversify the business in key strategic areas have given our customers the ability to obtain the comprehensive set of services they need as they grow."
During 2006, Huntington Equipment Finance launched two new businesses that have helped to accelerate the growth of the division. The Machine Tool Finance group was established to focus on financing equipment and tools for closely held, small- and medium-sized manufacturing businesses. Huntington's Vendor Finance Group was established to provide businesses engaged in the sale of equipment the ability to offer financing to their customers.
Huntington Equipment Finance has once again moved up in the rankings of the Monitor 100, a ranking of the 100 largest and fastest growing equipment financing/leasing companies in the United States.
According to Monitor's analysis of 2006, Huntington advanced seven spots from 61 to 54 overall in the industry. This compares to 2005 when Huntington was in the 68th spot. Huntington's growing Equipment Finance business also jumped in monitor's ranking of net assets from 36 in 2005 to 33 for 2006.
Launched in 1974, the Monitor is the most widely read publication in the equipment leasing and finance industry.
Huntington Bancshares Incorporated is a $55 billion regional bank holding company headquartered in Columbus, Ohio. Huntington has more than 141 years of serving the financial needs of its customers. Huntington's banking subsidiary, The Huntington National Bank, provides innovative retail and commercial financial products and services through over 600 regional banking offices in Indiana, Kentucky, Michigan, Ohio, Pennsylvania, and West Virginia. Huntington also offers retail and commercial financial services online at huntington.com; through its technologically advanced, 24-hour telephone bank; and through its network of over 1,400 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Arizona, Florida, Georgia, Nevada, New Jersey, New York, North Carolina, South Carolina, and Tennessee; Private Financial and Capital Markets Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey. Sky Insurance offers retail and commercial insurance agency services, through offices in Ohio, Pennsylvania, Michigan, Indiana, and West Virginia. International banking services are available through the headquarters office in Columbus, a limited purpose office located in both the Cayman Islands and Hong Kong.
SOURCE Huntington Bank
Released December 12, 2007