Huntington Holds Top Spot in Midwest SBA Lending
Remains third largest SBA lender in the nation
COLUMBUS, Ohio--(BUSINESS WIRE)-- The U.S. Small Business Administration (SBA) has recognized Huntington (NASDAQ: HBAN; www.huntington.com) as the No. 3 lender in the nation for number of SBA 7(a) loans. 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 588 SBA 7(a) loans for a total of $83.5 million for the period from Oct. 1 through December 31, 2011. Huntington outpaced its market competitors with more than four times the number of loans, and more than three times the dollar volume.
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 and second in loan amount in Indiana and West Virginia.
“Huntington is dedicated to helping small businesses in our local communities because we recognize their success will help add jobs that contribute to our economic recovery, particularly in the Midwest,” said Steve Rhodes, Huntington’s director of business banking. “Small business lending is a priority at Huntington, and we will remain committed to improving the resources we provide to small businesses each and every year.”
Huntington's performance by state:
- Ohio: 326 loans with a dollar volume of $40.2 million, No. 1 both in number of loans and dollar amount
- Michigan: 140 loans with a dollar volume of $29.2 million, No. 1 both in number of loans and dollar amount
- Western Pennsylvania: 35 loans with a dollar volume of $5.3 million, No. 1 in number of loans and No. 2 in dollar amount
- Indiana: 61 loans with a dollar volume of $7.3 million, No. 1 in number of loans and No. 2 in dollar amount
- West Virginia: 16 loans with a dollar volume of $.8 million, No. 1 in number of loans and No. 2 in dollar amount
- Kentucky: 10 loans with a dollar volume of $.5 million, No. 2 in number of loans and No. 12 in dollar amount
Huntington also announced that it has now lent more than $2.68 billion to small businesses since January 2010, which puts the bank well ahead of its goal to provide $4 billion in financing to small businesses in the Midwest over a three-year period.
“During the economic crisis, Huntington remained focused on investing in small businesses to help kick-start the cycle of credit, spending and growth in the Midwest,” noted Rhodes. “We are proud of our progress against this important three year lending goal made in 2010, when it mattered most. It has meant being able to help literally thousands of local business customers succeed and grow.”
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 $54 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 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 650 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 three months of fiscal year, ending December 31, 2011.
Member FDIC. The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
Matthew Samson, 614-480-3763
Source: Huntington Bancshares Incorporated
Released January 24, 2012