To expand its commercial banking system, Huntington Bancshares Incorporated (HBAN – Free Report) is broadening its corporate, specialty and government banking services by introducing two new industry verticals, the Financial Institutions Group and the Aerospace & Defense Group.
As part of its ongoing geographic and vertical expansion, HBAN has broadened its middle market banking presence in North Carolina, South Carolina and Texas. Additionally, HBAN has introduced a variety of new industry verticals designed to better serve clients on a national level. These verticals include Fund Finance, Native American Financial Services, Healthcare Asset-Based Lending and Specialized Mortgage Solutions.
Brief Insight Into HBAN’s New Verticals
The Financial Institutions Group provides banking services to insurance companies, asset and wealth management firms, broker-dealers, clearing houses, exchanges and other specialty financial companies. This team is led by Senior Managing Director Benjamin Los, who joined Huntington in 2023 after overseeing similar groups at Bank of America and Citizens Financial Group.
The Aerospace & Defense Group serves commercial aerospace suppliers, aviation aftermarket service providers, defense product manufacturers, and government service providers. This team is headed by Senior Managing Director Jeff Harrick, an Army veteran with more than 20 years of experience in corporate and investment banking at Wells Fargo and Citizens Financial Group.
Both Verticals offer advisory services and corporate banking solutions, including liquidity and treasury management, capital markets and corporate finance. Huntington is committed to enhancing its industry-specific expertise and expanding its capabilities by recruiting top talent from various leading financial institutions.
HBAN’s Other Expansion Efforts
In 2023, Huntington announced its commercial banking expansion in Charlotte, establishing five units and 120 relationships with a focus on the middle market, Small Business Administration and healthcare lending. This aligns with the bank’s strategic growth plans to capture an estimated $8 billion long-term deposit market.
The company also plans to expand in Carolinas as part of a broader multi-year strategy to grow its banking franchise in key markets like Denver, Minneapolis and Chicago. The bank intends to add more than 350 employees across varied business divisions and launch roughly 55 retail branches within the next five years.
In March 2024, it announced plans to grow its commercial banking business in Texas, following its expansion in the Dallas-Fort Worth area in early 2024. These strategic efforts will boost its commercial banking capabilities, broaden its market presence and attract new customer segments.
HBAN’s Price Performance & Zacks Rank
Over the past six months, shares of Huntington have risen 26.7% compared with the industry’s growth of 23.4%.
Image Source: Zacks Investment Research
HBAN currently sports a Zacks Rank #1 (Strong Buy). You can see tthe complete list of today’s Zacks #1 Rank stocks here.
Other Finance Stocks Worth a Look
Some other top-ranked stocks from the banking space are Old National Bancorp (ONB – Free Report) and Colony Bankcorp, Inc. (CBAN – Free Report) , each sporting a Zacks Rank #1 at present.
Estimates for ONB’s current-year earnings have remained unchanged over the past seven days. The company’s shares have risen 25.1% in the past six months.
Earnings estimates for CBAN for the current year have remained unchanged over the past seven days. The company’s shares have gained 26.4% in the past six months.
Financial Market Newsflash
No financial news published today. Check back later.
