Huntington Originates More Than $1.5 Billion in Loans to over 2,500 Michigan Businesses in One Year
Meets 75% of its $2 billion goal by first-year anniversary of four-year program
GRAND RAPIDS, Mich.--(BUSINESS WIRE)-- Huntington Bank has originated more than $1.5 billion in loans to businesses around Michigan in the first year of a four-year, $2 billion program, the banks Michigan leaders announced today. The loans have aided more than 2,500 Michigan businesses.
The early results of Huntingtons lending initiative and our partnership with the state are exceeding all expectations, said Mike Fezzey, president of Huntingtons Southeast Michigan region. Businesses around the state are encouraged by the availability of credit and the economic growth taking place here.
Huntingtons lending program is part of an $8 billion public-private initiative, announced in June 2011 by Michigan Gov. Rick Snyder as part of the states Pure Michigan Business Connect Program.
Huntington is committed to helping the state economy move forward, said Jim Dunlap, president of Huntingtons West Michigan region and regional and commercial banking director. We are pleased by the positive momentum we are seeing throughout Michigan.
We are delighted to partner alongside Gov. Snyder as we continue to invest in Michigan, Dunlap said. We look forward to continuing to support sustained economic growth in the state.
Examples of Michigan businesses, which have obtained loans through the program include:
- Vintech Industries, a plastic extrusion company in Imlay City, Mich., which obtained a loan of $1.1 million for expansion. The company plans to add 22 workers to the 60 who already work at the company.
- Great Lake Woods Inc., a Holland-based wood product manufacturer, which obtained a loan for new equipment and is supporting expansion of its product line. Well-known for its architectural millwork and mouldings, Great Lake Woods is also focusing on diversification including window covering and furnishing products. It expects to add 10 new employees to its 100-member workforce.
Earlier this year, Huntington announced a partnership with Meijer that will increase the number of Huntington branches in the state to over 200a 65 percent increase. It will also add up to 500 jobs.
Huntington has also rolled out a $100 million affordable housing program aimed at helping Michigan residents. And last year, it opened a new branch in downtown Grand Rapids, two branches in downtown Detroit and one in Pontiac.
For more information on accessing lending through the Pure Michigan Business Connect Program, business leaders can call 1-888-509-1017, Monday-Friday from 7:30-6:30 p.m. and Sat. 8:00 a.m. to 5:00 p.m. or visit www.MichiganAdvantage.org/business-connect.
Huntington Bancshares Incorporated (HBAN) 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 Huntingtons 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.
The Huntington National Bank, Member FDIC. The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
Huntington Bancshares Incorporated
Maureen M. Brown, 614-480-5512
Source: Huntington Bancshares IncorporatedCopyright Business Wire 2012