Huntington Commits $40 Billion to Social Equity

YOUNGSTOWN, Ohio – Huntington Bancshares merged with TCF Financial Corp. in 2021, creating a Top 25 U.S. bank holding company.

The merger positioned Huntington National Bank for enhanced profitability and scale, revenue growth opportunities, significant cost synergies, and a strengthened market position, all driving a long-term increase in shareholder value, says Sandy Upperman, regional communications director.

Also last year, Huntington announced a plan to commit $40 billion to improving the communities it serves. The strategic community plan demonstrates the bank’s dedication to social and racial equity and fair housing, Upperman says.

The plan focuses on community development lending and investing, home and consumer lending, and small business.

Through its Huntington Lift Local Business program, small businesses can secure SBA-guaranteed loans ranging from $1,000 to $150,000. This loan option provides longer-terms, overdraft fee relief, and waived fees so that business owners from all walks of life can succeed.

Huntington, Upperman says, understands the challenges faced by businesses owned by women, veterans and minorities.

Every day, the bank’s 850 employees in the Mahoning Valley donate their time and energy to make a difference on the community level, she says.

Huntington gave away nearly 1,000 backpacks and school supplies to Mahoning Valley children last year to help them get ready for the school year. It was the 11th consecutive year for the giveaway, Upperman says.

Additionally, Huntington helped area students gain real world experience through its Reality Days programming and Junior Achievement curriculum.

Neighborhood economic development is another focal point for Huntington, which helped spur revitalization through its involvement with Youngstown Neighborhood Development Corp. and Trumbull Neighborhood Partnership.

The bank also supported economic development through its engagement with the Youngstown Business Incubator and area chambers of commerce.

Huntington was the nation’s largest originator, by volume, of Small Business Administration 7(a) loans for the fourth consecutive year.

In June, the bank unveiled Early Pay, a new financial product that gives qualified customers access to their paychecks and other benefits up to two days early, at no additional cost.

That same month, the bank unveiled its first digital-only product, Standby Cash, a line of credit that gives eligible customers immediate access to up to $1,000 with no interest or fees if customers sign up for automatic payments.

Copyright 2022 The Business Journal, Youngstown, Ohio.