When you stop to consider the important role that banks play in the lifestyle we currently enjoy, they're the institutions that help us to build our lives. We take out loans to finance the purchase or building of a new home, to buy a car, recreation vehicles and even to pay our monthly bills. We often take our banking services for granted because we've never experienced a society in which they do not exist. While there are hundreds of new banks and lending institutions springing up, there are those which have been in existence for more than a century. These dependable and rock solid institutions have long served the public. Huntington Bank is one such financial center with a richly storied history.
The roots of Huntington Bank
You can trace its roots all the way back to the 1860s. The company was first launched during this era by P.W. Huntington and his father in-law. The venture took place in Columbus, Ohio. It began as a small business that has grown in size for the past century and even longer, to become one of the distinguished group of the 25 largest banks in the United States. It began as a family venture which made its customers feel welcome, which is still its tagline as it maintains strong personal ties with the local communities that it serves.
The region it serves
Huntington Bank has received high marks from Forbes for the service hat it provides as one of the top four banks as ranked in six states. It is one of two to achieve this status, along with Capital One. Huntington Banks serves customers in the states of Indiana, Michigan and Wisconsin from which it is highly rated, along with almost 1,000 branches distributed between a total of 8 states. It's not in all 50 states and the company has chosen to remain localized within the region of its initial founding. This is part of the reason why it shines so brightly as one of the best banks in the region. They rank high among customers in the areas of branch services, digital services and financial advice. They've also excelled in maintaining transparency on their fees and interest rates so customers feel that they've received a square deal in their transactions with the bank.
A new philosophy in banking
In 2010, Huntington announced its Fair Play philosophy of banking. The institution adopted a few initiatives aimed at pleasing and caring for their customers including a 24 hour waiver of overdraft fees and allowing checking accounts to be opened without a minimum balance. The overdraft waiver policy allows customers a full day's grace to resolve the issue and it's saved them a lot of money in the fees which are traditionally assessed immediately by most banks. Other banks who hold fast on these fees may be raking in additional revenue from them, but in the long run, Huntington execs believe that they make up for his with satisfied customers who remain with the bank instead of looking for other providers. Huntington does its level best to give their customers a reason to continue banking with them.
Huntington Bank is still in a good position
The stock for Huntington bank rose 113% in a five year period. This is significantly higher than the 87% average fro the Dow Jones US Select Regional Banks Index. Their reputation makes them a safer bet and investors are more likely to choose stock in this institution than with some others who aren't performing as well.
Huntington's main areas of focus
Huntington Bank has remained focused on its customers. These include private citizens who seek home loans or who just want to maintain checking and savings accounts. Another key focus of the bank is upon small business administration loans. The loans are backed by government agency and provide customers with funding for their new startup businesses. They're a leader in SBA loans in the United States in the number that are approved along with the overall dollar amount which has been approved. They try to make the SBA loan process as painless and fast as possible.
The future of Huntington Bank
The bank takes the initiative to institute focus groups to determine what things their customers truly want. They're big on satisfying consumer demands and it's common to see them roll out a series of new initiatives which are customer driven. Their digital and mobile platforms are a good example of this. The institution sees itself as married to the people that it serves. This means that they go to extraordinary lengths to ensure that their loyal customers are well taken care of.
Written by Garrett Parker
Read more posts by Garrett Parker