Huntington Bancshares Unveils $16.1 Bln Five-Year Community Development Plan

(RTTNews) - Huntingon Bancshares Inc. (HBAN) announced Friday a $16.1 billion five-year lending, investment and philanthropy plan for community development, following the expected completion of the proposed merger with FirstMerit within the third quarter of 2016.

Huntington will fund total investments and loans of $16.1 billion to underserved borrowers and communities, and small businesses, supporting quality of life for families and opportunities within the region's workforce from 2017-2021.

The plan was developed in conjunction with the National Community Reinvestment Coalition or NCRC and its members and partners, including over 100 locally-based community organizations.

Huntington said it will create a new philanthropy program to fund $25 million in companywide grants during the five-year time period, in addition to the $25 million the company previously announced in support of the Akron, Canton and Flint communities over the next 10 years.

Huntington's plan will further its existing strategies for community support by funding $5.7 billion in single-family mortgage lending in low- to moderate-income areas, funding $6.6 billion in small business lending, and funding $3.7 billion in community development lending, among others.