Huntington Bancshares (HBAN) has hired a veteran executive from Bank of America (BCA) to lead a new energy lending initiative.
The Columbus, Ohio, company said Tuesday it has named Stephen Hoffman managing director, energy banking. Hoffman, who is expected to lead an expansion of the $56 billion-asset bank's services for the oil, gas, coal, shale and natural gas production industries, previously held a series of top posts in the energy, government and natural resources divisions of Bank of America over the course of 20 years with the Charlotte, N.C., company.
"Stephen brings a passion for the energy sector that's marked by a comprehensive understanding of the business cycles and financial challenges associated with alternative energy, oil and natural gas production," Rick Remiker, managing director of Huntington's specialty banking division, said in a news release.
"From investments to cash management strategies, access to capital is critical to addressing the supply and drilling workforce and related issues," Hoffman added in a news release.
The appointment comes amid efforts by banks to boost energy landing to accommodate a boom in shale and natural gas production in the Midwest region. In October, Fifth Third Bank (FITB) added three veteran bankers to a new unit that specializes in lending to petroleum and natural gas producers, processors and distributors.