You must have already heard that Wells Fargo is closing plenty of locations, and now Huntington Bank is set on the same path, too. So, Is Huntington Bank going out of business?
Huntington Bancshares is the second largest bank in Michigan, and if you are a customer of this bank, then the news might have surely worried you.
So what is the truth? Why is Huntington Bank closing locations? Let us find out!
About Huntington Bank
Huntington Bancshares is a full-service banking provider that was founded in 1866 in Columbus, Ohio.
The bank and its affiliates are known for offering small and middle-market businesses, consumers, municipalities, corporations, and other organizations a comprehensive suite of payments, wealth management, banking, risk management services, and more.
Huntington primarily operates across eleven states, namely Ohio, Florida, Colorado, Illinois, Kentucky, Indiana, Michigan, Pennsylvania, West Virginia, Minnesota, and Wisconsin, and has over 1,000 branches in the aforementioned eleven states.
The latest branch closures announced by the company have created a frenzy among their customers. So, what exactly is going on with Huntington Bank? Keep on reading to find out!
Is Huntington Bank Closing Branches?
Yes, Hungtington Bank very recently announced that it will be closing down 34 of its branches in early 2024 which includes seven locations in Ohio and three in Cleveland.
The closure will also include branches inside of Cleveland State University’s Berkman Hall, one branch in East Ninth Street and Euclid Avenue, and one at 11623 Buckeye Road in the Buckeye-Shaker neighborhood.
They are also set to shut down branches in Canton, located at 608 Raff Road SW, along with three other locations in , Warren, Youngstown, and Genoa.
List of Huntington Bank Branches Closing in 2024
Here’s the list of Huntington branches that will be closing in the year 2024:
- 1 Bedford Road N. in Battle Creek
- 6363 Main St. in Cass City
- 6011 W. River Road N.E. in Belmont
- 333 W. Fort St. in Detroit
- 5536 Main St. in Lexington
- 5750 Baypointe Blvd. in Clarkston
- 3858 N. M-13 in Pinconning
- 1000 S. Saginaw in Midland
- 4955 Bay Road in Saginaw
Why Is Huntington Bank Closing Branches?
If you are a customer of Huntington bank, then you must be wondering why is Huntington bank closing branches in these locations.
In a presentation to its investors, Huntington said that they are planning to consolidate its branch footprint in an effort to cut expenses.
Additionally, as per an email sent by Kris Dahl, a spokesperson for Huntington stated,
“We regularly review our distribution network (in-store and traditional) and make adjustments and improvements to ensure our mix of branches, ATMs and online and mobile banking continue to meet our customers’ evolving needs,” he said. “We make every effort to place colleagues in comparable roles so they can continue to be a part of Huntington, serving the communities they know.”
Even in the year 2021, during the merger with TCF bank, Huntington sold 14 of its branches and closed down 188 branches to eliminate duplication after the merger.
Then, in February of that year, they closed down 62 more branches.
These are some of the branches that closed down earlier:
- Blacklick, 6867 E. Broad St., Columbus.
- Grandview Yard Market District, 840 W. 3rd Ave., Columbus.
- Britton, 4001 Britton Pkwy., Hilliard.
- Groveport, 3841 S. Hamilton Road, Columbus.
- Kingsdale Market District, 3061 Kingsdale Center, Upper Arlington.
- Hayden Run, 6700 Hayden Run Road, Columbus
- Westerville, 650 N. State St.
- Lincoln Village, 4780 W. Broad St., Columbus.
- Pickerington, 873 Refugee Road.
- New Albany, 5461 New Albany Road West.
- Powell, 4000 W. Powell Road.
After the closure done in 2021 and a few others after that, today, there are only around 1,000 Huntington branches left as compared to the 1200+ locations before.
Is Huntington Bank Going Out Of Business?
The 34 locations that Huntington is set to close in the first three months of 2024 represent 3% of the Huntington branches.
Over the past few years, Huntington Bank has closed down hundreds of locations, which might make you wonder- Is Huntington Bank going out of business?
Well, no, Huntington Bank is not going out of business, and the branches that it has closed previously and is planning to close in 2024 are just a part of its cost-cutting and development strategy.
Huntington’s Bank Annual Revenue 2020-2023
Here are some key figures that reflect the annual revenue of Huntington’s Bank from the year 2020 to the year 2023:
- In 2020, Huntington’s made revenue of $5.238B, showing a decline of 7.37% from 2019.
- In 2021, Huntington made revenue of $6.08B, showing an increase of 16.07% from 2020.
- In 2022, it made a revenue of $7.95B, which showed an increase of 30.76% from 2021.
- In 2023, for the twelve months ending June 30, it made $9.700B in revenue, showing an increase of 39.63%.
- And now the revenue for Huntington Bancshares for the quarter ending June 30, 2023, is $2.720B, an increase of 49.78% year-over-year.
Huntington Bank is closing down 34 locations in 2024, which might have made you question: Is Huntington Bank Going Out Of Business?
Thankfully, that’s not the case at all, and closures and new openings are a part of many businesses as this helps them trim down unnecessary costs and turn a profit.
As per the bank, the closures that would affect the customers in the location have already been notified. And if the Huntington bank closest to you has shut down, then you can look for the closest alternative.
Who owns Huntington Bank?
Huntington Bank is a publicly listed company, and with 81.26% shares, institutional investors hold the majority of the ownership of Huntington bank.
Where is the headquarters of Huntington Bank?
Huntington Bank is headquartered in Columbus, Ohio.
Who did Hungtington Bank merge with?
In 2021, Hungtington Bank merged with TCF Financial Inc., creating the second-largest bank in Michigan.