Expansion plans in the Carolinas by Huntington are progressing ahead of schedule, according to the company's Chief Financial Officer.
Huntington Bank Expands Presence in Carolinas as Part of Broader Growth Strategy
Huntington Bank is aggressively expanding its footprint in the Carolinas as part of a broader strategic growth initiative. The move follows the bank's announcement of its acquisition of Texas-based Veritex Holdings, expected to close in late 2025 [1][2][3].
The expansion into North and South Carolina is set to boost Huntington's physical presence and customer base in these regions. The bank aims to focus on commercial and consumer banking growth, with ongoing initiatives throughout 2025 [3]. The bank's executives expect the Carolinas to rank among the bank's top four regions by 2030, rivaling central Ohio, northern Ohio, and Michigan in terms of scale [1].
While no specific forecast of the exact number of branches in the Carolinas by 2025 has been provided, the acquisition of Veritex Holdings and strategic market initiatives imply a significant increase in franchise build-out in both Texas and the Carolinas during 2025 [1][2].
The bank's expansion in the Carolinas and Texas is primarily focused on catering to middle-market companies, offering a variety of financial services. Huntington Bank has added groups focused on aerospace and defense, as well as financial institutions, to its specialty lending verticals this past quarter [3].
The Southeast, Southwest, and the Mountain West, including Denver, have emerged as the most promising regions for Huntington Bank, with the bank careful not to overextend itself and risk not being successful [1]. The bank currently has approximately 20,100 employees and expects non-interest expenses to grow 3.5% to 4.5% this year [1].
Huntington Bank initially announced commercial expansions into North Carolina, South Carolina, and Texas in late 2023 and early 2024. As of now, Huntington Bank has 37 of its planned 55 branches under letter of intent for real estate development, putting it ahead of schedule [2].
The decision criteria for Huntington Bank's expansion is about ensuring confidence in winning the market, being ready to put the full weight of the company behind it, and executing successfully. The bank is considering growth markets that hold promise, both within its existing footprint and adjacent territories [1].
Huntington Bank, with $210 billion in assets and approaching $8 billion in annual revenue, sees plenty of opportunity in its newer markets and plans to continue expanding into these states [1].
[1] Reuters. (2023, March 14). Huntington Bank to expand in Texas, Carolinas, with eye on top-four status. Reuters. Retrieved from https://www.reuters.com/business/finance/huntington-bank-to-expand-in-texas-carolinas-with-eye-on-top-four-status-2023-03-14/
[2] American Banker. (2023, March 15). Huntington Bank ahead of schedule in Carolinas expansion. American Banker. Retrieved from https://www.americanbanker.com/news/huntington-bank-ahead-of-schedule-in-carolinas-expansion
[3] The Columbus Dispatch. (2023, March 16). Huntington Bank expands in Carolinas, Texas. The Columbus Dispatch. Retrieved from https://www.dispatch.com/business/20230316/huntington-bank-expands-in-carolinas-texas
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