Press release
Huntington Announces New Strategic Community Plan with $40 Billion Pledge to Strengthen Small Businesses, Minority and Under-Resourced Communities
Expanded five-year commitment focuses on increasing lending and services throughout the bank's footprint to address economic, social, environmental and racial
About this update from Huntington Bancshares Incorporated
[{"type":"text","content":"Expanded five-year commitment focuses on increasing lending and services throughout the bank's footprint to address economic, social, environmental and racial equity challenges identified by community partners\n\n\nCOLUMBUS, Ohio and DETROIT, June 16, 2021 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) today announced a new strategy to tackle social, racial, environmental and economic inequities across its footprint by committing $40 billion toward its new Community Plan. The plan will help improve financial opportunities for the consumers, businesses and communities it serves, with a focus on affordable housing, small business loans and increased capital to historically disadvantaged and low- to moderate-income communities.\n\n \n \n\n \n\"As a growing bank dedicated to supporting the people, businesses and communities throughout our expanded footprint, we recognize the responsibility we have to help improve economic opportunity for those we serve,\" said Steve Steinour, Huntington chairman, president and CEO. \"Our purpose of looking out for people guides us to be a catalyst for positive change and to ensure under-resourced consumers and businesses have the access to capital, affordable housing and other resources to achieve their goals and to pursue their dreams. Our recently completed merger with TCF Financial Corporation enables us to renew and strengthen our commitment to improving the financial stability and quality of life for people in our local communities.\"\nHuntington met with 400 community organizations across its current and newly expanded footprint to identify community needs outlined in the plan. Huntington's expanded 2021 Community Plan addresses several key areas of need, which the bank identified through ongoing conversations with community partners, colleagues, and customers:\nRacial and Social Equity: Huntington will place special emphasis on Diversity, Equity and Inclusion initiatives, including those that support environmental equity, to strengthen customers, businesses and organizations that represent diverse demographics. As detailed below, of the $40 billion commitment, the bank will allocate $16 billion of the Community Plan to minority borrowers and communities to advance meaningful and systemic change. Consumer and Home Lending: Homeownership is a catalyst to help build assets and...