Huntington and City of Columbus Re-Commit to Revitalizing Neighborhoods
Huntington commits $300 million, partners to help clean up vacant housing
COLUMBUS, Ohio, May 9 /PRNewswire-FirstCall/ -- Huntington Bank and Columbus Mayor Michael B. Coleman announced they are teaming up again to bring new investment and revitalization to neighborhoods. Huntington will follow its 2002 five-year, $275 million Hometown Partnership goal with an even larger goal of $300 million in new lending and investments in neighborhoods identified by the City for revitalization over the next five years. Huntington also committed to be a partner with the Mayor's $25 million HOME AGAIN initiative to clean up vacant housing.
As a leading member of the Partnership for America's 21st Century City, launched in 2002, Huntington achieved nearly 110% of its original commitment for home purchase, home improvement, small business lending and investments. The results represented only new lending and investments in areas identified by the City for revitalization.
Over the next five years, $135 million in new lending will be earmarked for residential property, $135 million in new lending for small businesses, and $30 million will be invested through the Huntington Community Development Corporation. The bank's new commitment means that by 2012, Huntington will have loaned and invested nearly $600 million in new lending for residential home purchases, home improvements and loans to small businesses in neighborhoods being revitalized in Columbus.
"Huntington's commitment to residents and entrepreneurs who are making a difference in our central neighborhoods remains strong," said Huntington's Chairman, President and CEO, Tom Hoaglin. "As the hometown bank, we believe it is our responsibility to ensure that Columbus remains a vibrant place to live and work. Mayor Coleman's housing initiative is positive for the entire city, and we were pleased to be the first bank to join his efforts five years ago as well as today."
"The continued success of these investment partnerships depends on the consistent, focused attention of local banks and corporations, and we're seeing a great example today of a hometown company, Huntington, stepping up as a leader for neighborhoods," said Mayor Coleman. "We are on a mission to help more families become home-owners, to help more families fix up homes, and to work with them to improve the safety and quality of life in their neighborhood. I am proud to stand with Huntington as they start another five- year commitment, and I will be challenging other local banks to join us."
In making the announcement today, Hoaglin also applauded the Mayor's focus on cleaning up vacant housing. He added that Huntington would take the lead in: -- The creation of a task force to explore options for securing and redeveloping vacant properties; -- Developing a home improvement mortgage product tailored to consumers willing to purchase or improve vacant homes; -- Donating a meaningful number of vacant properties back to the City over the next five years.
To underscore its commitment to the property donation, Huntington today donated three properties on Cole Street.
Huntington Bancshares Incorporated is a $35 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has more than 141 years of serving the financial needs of its customers. Huntington provides innovative retail and commercial financial products and services through 375 regional banking offices in Indiana, Kentucky, Michigan, Ohio, 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 1,000 ATMs. Selected financial service activities are also conducted in other states including: Dealer Sales offices in Arizona, Florida, Georgia, North Carolina, New Jersey, Pennsylvania, South Carolina, and Tennessee; Private Financial and Capital Markets Group offices in Florida; and Mortgage Banking offices in Maryland and New Jersey. International banking services are made available through the headquarters office in Columbus, a limited purpose office located in the Cayman Islands, and another located in Hong Kong.
SOURCE Huntington Bancshares Incorporated
Released May 9, 2007