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ReprintsHuntington Bank slows auto lending expansion into new states
 | Huntington Bank Chairman Stephen Steinour |
Huntington Bank, after carving out a big new area for its auto lending operation last year and adding two more states this year, says it probably won't expand into many more states.
"We could add a state or two, but it won't be anything broad-based," Chairman Stephen Steinour said in an Oct. 20 conference call. He said the bank has no plans to go nationwide.
Huntington Bank, of Columbus, Ohio, says it is one of the biggest indirect auto lenders in Ohio and Kentucky. The bank has a long-standing auto lending presence in Indiana, Michigan, Pennsylvania and West Virginia. Indirect loans are offered through dealerships.
This month, Huntington said it would expand auto lending into Wisconsin and Minnesota. In the past year, it expanded auto lending into five New England states and added to its presence in eastern Pennsylvania and Michigan.
From the third quarter of 2009 to the third quarter of 2010, the bank's auto originations grew from $394 million to just over $1 billion.
In the third quarter of 2011, though, originations were $980 million, down 3 percent from the year-ago quarter.
You can reach Jim Henry at autonews@crain.com.
