Huntington Bank will pump more than $16 billion into communities impacted by its purchase of FirstMerit. The merger will result in the closing of more than 100 branches, mostly in Ohio and Michigan. Nearly half of the closings will be in the Cleveland, Akron and Canton areas.WKSU’s Kevin Niedermier has more on the bank’s community investment plan.
The plan drew input from hundreds of municipal governments and religious and community organizations including dozens here in Northeast Ohio. Huntington spokesman Brent Wilder says the bank will focus the spending in low-to-moderate income areas over the next five years.
“So you’re seeing billions of dollars allocated to single-family mortgage lending; you’re seeing it going into small business lending, to community development lending and investment. And also some additional philanthropic and economic investment efforts.”
Wilder says Huntington will also build 10 new branches, including three in Cleveland. Cleveland-based KeyCorp has announced a similar community-investment program following its planned purchase of First Niagara Bank of New York.