Huntington Expands Commercial Banking Capabilities in Florida

Core Viewpoint - Huntington Bancshares Incorporated (HBAN) is expanding its commercial banking operations into Florida, following previous expansions in North Carolina, South Carolina, and Texas, as part of its growth strategy in the middle-market banking sector [1][6]. Group 1: Expansion Strategy - HBAN has hired Josh Sheradsky as senior managing director to lead the new office in Fort Lauderdale, Florida, as part of its commercial banking expansion [2]. - The bank is launching new industry verticals to enhance its commitment to middle-market businesses, providing tailored financial solutions [3]. - Huntington's middle-market banking services include lending, liquidity management, treasury and payments solutions, and capital markets expertise, focusing on a relationship-driven approach [4]. Group 2: Market Position and Growth Plans - Scott Kleinman, president of Huntington Commercial Bank, emphasized the bank's readiness to address the complex needs of diverse companies in Florida, one of the fastest-growing markets [5]. - In January 2025, HBAN introduced two new industry verticals, the Financial Institutions Group and the Aerospace & Defense Group, to further expand its corporate and specialty banking services [6]. - The bank plans to grow its presence in the Carolinas and other key markets, aiming to add over 350 employees and launch approximately 55 retail branches in the next five years [7]. Group 3: Financial Performance - Over the past six months, HBAN's shares have declined by 7.7%, while the industry average fell by 4.3% [8]. - HBAN currently holds a Zacks Rank of 2 (Buy), indicating a favorable outlook compared to other finance stocks [10].