Huntington Bank pledges billions of dollars in new community planning | Local News

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Columbus-based banking firm Huntington National Bank announced on June 16 that as part of a new community plan, it will invest $ 40 billion to strengthen small businesses, minorities and low-resource communities. Announcing new strategies to tackle species, environmental and economic inequalities.

According to a press release, the plan focuses on affordable housing, small business loans and capital raising to historically disadvantaged low-to-middle-income communities, and consumer and business services. Help improve the financial opportunities of the community.

Sean Richardson, Greater Cleveland Regional Chairman at Huntington Bank, told Cleveland Jewish News on July 13 that the bank’s motivation was “to produce meaningful change, economic vitality, financial security and to serve us.” To improve the sustainable future of those who do it. “

“One of the things we’re most proud of with this community plan is how we created it based on the opinions of hundreds of community leaders, clients and colleagues,” he says. I did. “We met 400 organizations across the new expanded footprint to identify community needs. “

Huntington Bank management discovered some important areas needed at those conferences, the statement said. These areas include racial and social equality, with $ 16 billion allocated out of a $ 40 billion commitment. Consumption and mortgages. We have adopted a loan target of $ 24 billion, of which $ 12 billion is committed to meet the needs of minorities and the poor. Small and medium enterprises. The banks have committed $ 10 billion over five years, of which $ 2 billion will be allocated to businesses owned by minorities or operated by majority and minority communities. Loans and investments for community development, $ 6.5 billion in funding and investing for equity in areas such as affordable housing, small business finance, food security, financial empowerment and community services for provide work development Strengthen programs and services that promote. $ 2 billion will be spent on minority initiatives in these areas.

In the statement, Ohio Governor Mike DeWine expressed support for Huntington Bank’s current community planning.

“I am very grateful for the 155 year history of Huntington, Ohio and for his continued leadership today,” said DeWine. “This community plan is bold, thoughtful, and life-changing for the people it helps: one owner, one business owner and one community all at once.

To move the plan forward, Huntington Bank also finalized its merger with TCF Financial Corporation on June 9. Richardson said the completed merger added “strength” to Huntington Bank’s ability to meet the needs of the community. The merged company has approximately $ 175 billion in assets, $ 142 billion in deposits and $ 116 billion in loans, based on its balance as at March 31, 2021. Huntington currently operates more than 1,100 branches in 12 states, entering new markets in Minnesota. and Colorado. All TCF and Huntington Bank customers will continue to do their banking as usual and their TCF account will be converted to Huntington account in the fourth quarter.

“A complete merger with TCF Financial Corp. renew and strengthen our commitment to improving financial stability and the quality of life for people in our communities, ”said Richardson. “Our goal of finding people catalyzes positive change and guides us to support historically disadvantaged consumers and businesses. “

Huntington Bank has helped over 14,000 first-time home buyers under a previous community plan, investing or loaning $ 962 million in affordable housing development for 8,693 units, for a total of over 22, $ 7 billion. We have provided community development programs and products, loans and investments. To meet the needs of that whole footprint.

“Talking about community planning is one thing, and implementing it is another,” said Richardson. “Over the next few months, we will be updating the community page on our website to show progress towards our five-year goals. We are responsible for ourselves and the impact we have on the communities we serve. Keep it transparent. “

In addition, the merger added five new directors. Thomas Reuters Corp. Richard H. King, retired general manager of operations. Barbara L. McWade, Professor of Law, University of Michigan. Roger J. Sit, CEO, Head of Global Investments, Director of Sit Investment Services. Jeffrey L. Tate, Executive Vice President and Chief Financial Officer of Legget & Pratt. Gary Torgow, Chairman of the Board of Huntington National Bank. All new members of the board are former TCF directors.

Huntington Bank is based in 11 states, including Ohio.

Huntington Bank pledges billions of dollars in new community planning | Local News

Source link Huntington Bank pledges billions of dollars in new community planning | Local News



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