SOUTHFIELD, Mich., Sept. 2, 2020 /PRNewswire/ -- Huntington
Bancshares Inc. (Nasdaq: HBAN; www.huntington.com) and Michigan Governor Gretchen Whitmer today announced a $5 billion, five-year lending, investment and
philanthropic commitment to help improve financial opportunities
for Michigan businesses, consumers
and communities.
Part of a $20 billion Community
Plan Huntington announced Sept. 1,
the Michigan plan was developed in
cooperation with the Governor and Michigan community organizations to ensure the
bank's commitment reflects the needs of all people and businesses
throughout the state.
"In this critical time when businesses are confronting the
extreme challenge of a public-health crisis, recession and issues
related to social equity, Huntington's purpose of looking out for
people calls us to do more for Michigan's small businesses, consumers and
communities," said Sandy Pierce,
Huntington's director of Private Banking, Insurance Agency, Vehicle
Finance and Regional Banking. "We believe this commitment is a very
meaningful investment in Michigan's economic future."
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 Michigan's communities.
"This is great news for Michigan's small-business owners who have
faced unprecedented challenges as we have navigated the COVID-19
pandemic over the past six months," said Governor Whitmer. "These
are Michiganders who have spent their lives building their
businesses and who need our help now more than ever. I am proud to
work with Huntington Bank as they continue to provide support to
our small-business owners and build strong communities in our
state, and I'm committed to continue working on behalf of
small-business owners as we fight back against COVID-19."
"Michigan's rural small
businesses and urban micro businesses have been especially hard hit
as a result of the COVID-19 pandemic and its effect on Michigan's economy, and minority- and
women-owned businesses throughout the state are seeking
opportunities to stabilize and thrive," Pierce said. "Our
commitment to Michigan's small
businesses reflects the role they play in driving the state's
economy and the foundation they provide for our economic
health."
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 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 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 the bank is investing toward Michigan's community 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 communities stronger, it
creates additional opportunities for those who live and work
there.
"This is an opportunity to take a more deliberate approach
toward investing in the people and businesses that will have the
greatest impact in our communities," said Lt. Governor Gilchrist.
"I'm excited to see how we can build upon this partnership with
Huntington Bank to advance equity in economic growth to ensure that
new doors are open to a more diverse group of entrepreneurs at
every stage of their business."
Huntington will work with community organizations across the
state to implement its Michigan Community Plan.
"Huntington's extraordinary and timely commitment is welcome
news to struggling families and small businesses," said
Hector Hernandez, executive director
of Southwest Economic Solutions. "The health and economic crises
are disproportionately harming minority communities because of
structural inequities in opportunity. Huntington's community plan
takes aim at these inequities by strategically investing in
entrepreneurship, homeownership, job training and financial
education so that families can build wealth and brighter economic
futures."
"We're honored to work with many outstanding partners who share
our commitment to building stronger communities throughout
Michigan," Pierce said. "Together,
we can inspire higher levels of community engagement and 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 to download
multimedia:http://www.prnewswire.com/news-releases/huntington-and-governor-whitmer-announce-huntingtons-5-billion-commitment-to-help-boost-economic-opportunity-throughout-michigan-301123216.html
SOURCE Huntington Bancshares Incorporated