Huntington Overtakes No. 3 Ranking in Overall Dollar Amount of SBA Lending in the Nation
Huntington holds top spot in SBA lending in Midwest states far outpacing competitors
COLUMBUS, Ohio--(BUSINESS WIRE)-- The U.S. Small Business Administration (SBA) has once again recognized Huntington (NASDAQ: HBAN; www.huntington.com) as the No. 3 lender in the nation for number of SBA 7(a) loans (which the bank had held for five consecutive quarters), and for the first time ever, for overall dollar volume as well.
In addition to its high national ranking, Huntington also remains the No. 1 lender among Midwest states for both the number and dollar amount of SBA 7(a) loans provided to small businesses1.
According to the SBA, Huntington made 1,235 SBA 7(a) loans for a total of $194.94 million for the period from Oct. 1, 2011 through March 31, 2012. Huntington far outpaced its market competitors with more than five times the number of loans, and more than four times the dollar volume.
“Small business lending is a priority at Huntington, and we remain dedicated to helping small businesses in our local communities because we believe the more successful they are, the stronger our economy will become. And, nowhere is that more true than in the Midwest,” said Steve Rhodes, Huntington’s director of business banking.
SBA’s results also show Huntington as the top lender in Ohio, Michigan and Western Pennsylvania in both number of loans and total loan amount, and the top lender in volume in both Indiana and West Virginia.
Huntington's performance by state:
- Ohio: 706 loans with a dollar volume of $100.22 million, No. 1 both in number of loans and dollar amount
- Michigan: 287 loans with a dollar volume of $64.22 million, No. 1 both in number of loans and dollar amount
- Western Pennsylvania: 79 loans with a dollar volume of $15.99 million, No. 1 both in number of loans and dollar amount
- Indiana: 109 loans with a dollar volume of $10.19 million, No. 1 in number of loans and No. 3 in dollar amount
- West Virginia: 29 loans with a dollar volume of $1.55 million, No. 1 in number of loans and No. 2 in dollar amount
- Kentucky: 22 loans with a dollar volume of $.2.46 million, No. 2 in number of loans and No. 6 in dollar amount
Huntington also announced that it has now lent more than $3 billion to small businesses since February 2010, putting the bank well ahead of its goal to provide $4 billion in financing to small businesses in the Midwest over a three-year period.
“Huntington made this important three-year lending goal in 2010, when it mattered most,” noted Rhodes. “We’re proud to have now lent more than $3 billion to small businesses in the Midwest, and Huntington will remain focused on investing in small businesses to help provide credit, create jobs and drive the economic recovery.”
For more information about Huntington and its small business lending programs, visit https://www.huntington.com or call 1-800-480-2001.
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 over 660 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 other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
1Huntington is the #1 SBA 7(a) lender in the region made up of Indiana, Kentucky, Ohio, Michigan, West Virginia and Western PA, Source: U.S. Small Business Administration first six months of fiscal year, ending March 31, 2012.
The Huntington National Bank, Member FDIC. The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
Huntington Bancshares Incorporated
Matthew Samson, 614-480-3763
Source: Huntington Bancshares Incorporated
Released May 8, 2012