Magazine article American Banker

Huntington Starts Capital Markets and Equipment Units

Magazine article American Banker

Huntington Starts Capital Markets and Equipment Units

Article excerpt

Huntington Bancshares Inc. has created two new divisions: one a spinoff of its capital group and the other a commercial equipment financing unit that executives hope will bring it more customers.

Last week $28 billion-asset Huntington opened offices of its equipment financing unit in its hometown of Columbus, Ohio, and in Cincinnati and Cleveland. Robert E. Allanson, the unit's president, said it will focus on financing for commercial assets, mainly in the construction, manufacturing, metalworking, printing, and marine transportation industries.

"We want to bring the product to the Huntington customer base," Mr. Allanson said. "We have a lot of contacts in those three cities."

The equipment unit, which also offers corporate banking services and facilities to independent leasing companies, aims to finance $80 million of equipment loans in 2002. And it expects to benefit from the recent departures of Chicago's Bank One Corp. and Cleveland's KeyCorp from equipment financing. "Huntington is in a perfect position to deliver service to the market," Mr. Allanson said.

Huntington is not the only banking company expanding in the equipment business, one that others have abandoned. Sterling Financial Corp. of Lancaster, Pa., announced Monday that it had agreed to acquire an equipment financing firm (see story on page 19).

Also on Monday, Huntington opened a capital markets group, which provides mezzanine capital, derivatives products, risk management services, and investment banking to corporate customers. …

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