Huntington Announces $20 Billion Community Plan to Help Boost Economic Opportunity Throughout its Seven-state Footprint

Rhea-AI Summary

Huntington Bancshares has announced a $20 billion, five-year commitment aimed at enhancing financial opportunities across its seven-state Midwest footprint. This initiative, developed with community organizations, includes $7.6 billion for small businesses, focusing on minority, women, and veteran-owned businesses, and $7.5 billion for affordable housing and home ownership. An additional $4.9 billion will target community lending and investment. This plan reflects a $4 billion increase over its previous 2017 Community Development Plan, emphasizing Huntington's dedication to addressing racial and economic disparities.

Positive

• Investment of $20 billion over five years enhances support for small businesses, affordable housing, and community development.
• Increased focus on minority, women, and veteran-owned businesses with a $7.6 billion commitment.
• Support for affordable housing and home ownership with a $7.5 billion commitment aimed at low- to moderate-income borrowers.
• Investment of $4.9 billion in community lending and efforts related to affordable housing, workforce development, and food security.

Negative

• None.

COLUMBUS, Ohio, Sept. 1, 2020 /PRNewswire/ -- Huntington Bancshares Inc. (Nasdaq: HBAN; www.huntington.com) today announced a $20 billion, five-year lending, investment and philanthropic commitment to help improve financial opportunities for the consumers, businesses and communities it serves throughout its seven-state, Midwest footprint.

Experience the interactive Multichannel News Release here: https://www.multivu.com/players/English/8765751-huntington-bancshares-20-billion-community-plan/

Huntington developed the 2020 Community Plan in cooperation with community organizations throughout the Midwest to ensure the bank's commitment reflects the needs of people and businesses in its footprint. In the next several months, the bank will announce specific initiatives to support small businesses, consumers and communities. The plan will evolve as Huntington continues to listen and take action to meet the changing needs of local communities.

"Huntington is a purpose-driven bank, and our purpose of looking out for people leads us to do more to support underserved people, businesses and communities," said Steve Steinour, chairman, president and CEO. "Together, the COVID-19 pandemic and recession, as well as critical issues related to racial and social inequity, have highlighted the need for increased economic opportunity for people in our region and across America. As a bank, our desire is to help drive meaningful change and to improve the economic vitality and financial security of those we serve."

Huntington's 2020 Community Plan reflects increased investments in the following areas:

• Access to Capital: Huntington is investing in small businesses, with a special emphasis on those owned by minorities, women and veterans. The bank's $7.6 billion commitment to helping businesses will be bolstered by additional investments in business-planning and educational programs to help bring business owners the relief, recovery and growth they are seeking as the cornerstones of the American economy.

• Affordable Housing and Home Ownership: Huntington is expanding lending programs and educational services to support increased home ownership by minority and low- to moderate-income borrowers throughout the Midwest. The bank's $7.5 billion commitment will enable greater opportunities for first-time home buyers, improve housing security for financially distressed consumers, and create generational wealth building through home ownership. It will also enable home rehabilitation and the refinancing of existing homes to unlock the cash-flow needs of borrowers.

• Community Lending & Investment: Huntington recognizes the barriers to banking that exist for some people and businesses, and we are investing $4.9 billion toward our communities' efforts related to affordable housing, food security, workforce development and social equity. Huntington believes these areas are fundamental to helping people not only find basic economic security, but also prosper. Huntington also knows that by making our communities stronger, it creates additional opportunities for those that live and work there.

"This plan is the result of extensive listening – listening to our community partners, customers and colleagues to understand their needs and to have robust discussions about how Huntington can best help," Steinour said. "As a regional bank, we know our impact lies in delivering locally. We're privileged to partner with many city and neighborhood organizations and community groups who share our commitment to looking out for people."

U.S. Senator Sherrod Brown is the ranking member on the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

"It will take a sustained commitment from all of us, including our financial institutions, to meet the needs of all of our neighborhoods and address racial inequities in healthcare, economic opportunity, and access to safe, affordable housing. I applaud Huntington for working with community organizations throughout Ohio and in the neighboring states it serves," said Senator Brown. "This investment will build on Huntington's track record of addressing critical needs in the places where it does business."

The 2020 Community Plan increases Huntington's commitment by roughly $4 billion above the Community Development Plan launched in 2017, which is complete more than a year ahead of schedule. To further engage critical community organizations, in 2017 Huntington chartered a National Community Advisory Council in partnership with the National Community Reinvestment Coalition (NCRC).

"We commend Huntington for recognizing the real need for access to capital that remains among low- and moderate-income communities throughout the Midwest," said NCRC CEO Jesse Van Tol. "We look forward to working with Huntington on its 2020 Community Plan in order to make a meaningful difference for people who are navigating the economic and social challenges that persist for them."

"Huntington Bank sets the bar for their commitment to increasing working-poor people's access to credit, capital and basic banking services," said NCRC President and Founder John Taylor. "Their previous 2017 Community Development Plan with NCRC was completed more than a year ahead of schedule. Recognizing the need to build upon that commitment and success, the bank met with community groups, including many of NCRC's members, as well as its leadership, to draft yet another larger community plan. This new plan commits $20 billion, a $4 billion increase over their previous commitment. This will bring desperately needed investment, loans and philanthropy to the many low- and moderate-income cities and towns in the bank's footprint. Our heartfelt thanks and appreciation go out to Huntington Bank."

Huntington will work with hundreds of community organizations to implement its 2020 Community Plan.

"We're honored to work with so many partners who share our commitment to building stronger communities," Steinour said. "Together, we can make a meaningful impact and lift up our communities in need to deliver new opportunities for all the people we serve."

About Huntington
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $118 billion of assets and a network of 839 full–service branches, including 12 Private Client Group offices, and 1,344 ATMs across seven Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides vehicle finance, equipment finance, national settlement, and capital market services that extend beyond its core states. Visit huntington.com for more information.

 

 

 

 

 

 

 

View original content:http://www.prnewswire.com/news-releases/huntington-announces-20-billion-community-plan-to-help-boost-economic-opportunity-throughout-its-seven-state-footprint-301121595.html

SOURCE Huntington Bancshares Inc.