Peter Arendt to Lead Huntington Bank’s New Food and Agribusiness Initiative
COLUMBUS, Ohio--(BUSINESS WIRE)-- Huntington Bank (NASDAQ: HBAN; www.huntington.com) today appointed Peter Arendt managing director, food and agribusiness banking. Arendt will lead the development and expansion of Huntington’s commercial banking initiative serving businesses engaged in the production, processing and distribution of food and agricultural products across Huntington’s markets and beyond.
Arendt joins Huntington from Bank of Oklahoma where he successfully built a broad-based food, agriculture and related commodities business for BOK Financial. Prior to Bank of Oklahoma, he managed development of Wells Fargo’s food and agribusiness in the Eastern U.S.
“Peter has a long and successful history positioning food and agriculture businesses for growth,” said Richard Remiker, executive vice president and senior managing director of specialty banking at Huntington. “Over the last three years, we have seen the need for increased expertise to help drive cross sell and additional customer acquisition. Peter is intimately familiar with mitigating commodity risk, challenges surrounding food safety and the need for increased capital in today’s environment.”
Food and agribusiness accounts for nearly 20 percent of jobs nationally, according to the U.S. Department of Agriculture, the bulk of which is even more concentrated across Huntington’s markets as a major portion of overall Midwest economic activity.
Serving an industry faced with increasingly volatile commodities prices, changing consumer preferences, and increased expense associated with food safety, Arendt will build out a team with extensive experience in providing increased capital and delivering risk management solutions that protect margins.
“Right now there’s a need for superior financial expertise in what continues to be a dynamic and changing industry,” said Arendt. “Managing risk is paramount, as is the ability to anticipate and manage trade and currency issues. These are major areas of focus at Huntington.”
Arendt earned his master’s degree in business and administration and bachelor’s degree in agriculture economics from Northwest Missouri State University.
Huntington Bancshares Incorporated is a $56 billion regional bank holding company headquartered in Columbus, Ohio. The 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 products 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 more than 690 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 more than 1,380 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
The Huntington National Bank, Member FDIC. The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
Huntington Bancshares Incorporated
Michael K. Sherman, 614-480-6114
Source: Huntington Bancshares Incorporated
Released November 27, 2012