Huntington Bancshares Inc. has pledged to lend and invest $5 billion in Michigan over five years to support financial opportunities for businesses, consumers and community organizations.
While details of the commitment and specific initiatives will take shape in the coming months, the pledge will involve increased investments in capital access for small businesses with “a special emphasis on those owned by minorities, women and veterans,” as well as affordable housing and home ownership, and community lending and investment.
Through the initiative, Huntington wants to “help businesses thrive and strengthen the communities that we’re privileged to serve,” said Sandra Pierce, Huntington’s director of private banking, insurance agency, vehicle finance and regional banking.
“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,” Pierce said in a statement. “We believe this commitment is a very meaningful investment in Michigan’s economic future.”
Gov. Gretchen Whitmer today called Huntington’s commitment “really great news for our small businesses and business owners who’ve been facing unprecedented challenges as we’ve navigated COVID-19 over these last six months.”
“Our small business owners need help,” Whitmer said during a news conference this afternoon in Lansing. “These are Michiganders who are spending their lives building businesses here in Michigan and who’ve been struggling, and they need help more than ever.”
Columbus, Ohio-based Huntington is one of the largest banks operating in Michigan with more than 280 offices and ranking fifth statewide in deposit market share in the FDIC’s 2019 Summary of Deposits. The bank ranked third in deposit market share in 2019 in the Grand Rapids-area market, according to the FDIC.
Huntington Bank has 839 offices across a seven-state Midwest footprint.
The $5 billion Michigan commitment is part of a broader $20 billion Community Plan across the Midwest that the bank rolled out on Tuesday.
The COVID-19 pandemic and the resulting economic 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,” Huntington Chairman, President and CEO Steve Steinour said in a statement. “As a bank, our desire is to help drive meaningful change and to improve the economic vitality and financial security of those we serve.”