Business Description
Huntington Bancshares Incorporated (Huntington or the company) is a multi-state
diversified financial holding company organized under Maryland law in 1966 and
headquartered in Columbus, Ohio. Through its subsidiaries, Huntington is engaged
in providing full-service commercial and consumer banking services, mortgage banking
services, automobile financing, equipment leasing, investment management, trust
services, and discount brokerage services, as well as underwriting credit life
and disability insurance, and selling other insurance and financial products and
services. The Huntington National Bank, organized in 1866, is Huntington's only
bank subsidiary.
Huntington has three distinct lines of business: Regional Banking, Dealer Sales,
and the Private Financial Group (PFG). A fourth segment includes the company's
Treasury function and other unallocated assets, liabilities, revenue, and expense.
Line of business results are determined based upon the company's management
reporting system, which assigns balance sheet and income statement items to
each of the business segments.
Competition is intense in most of the markets Huntington serves. Huntington
competes on price and service with other banks and financial companies such
as savings and loans, credit unions, finance companies, mortgage banking companies,
insurance companies, and brokerage firms. Competition could intensify in the
future as a result of industry consolidation, the increasing availability of
products and services from non-banks, greater technological developments in
the industry, and banking reform. For example, financial services reform legislation
enacted in 1999 eliminated the long-standing Glass-Steagall Act restrictions
on securities activities of bank holding companies and banks. The legislation,
among other things, permits securities and insurance firms to engage in banking
activities under specified conditions.
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