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Executives at three regional banks — BB&T, Fifth Third and Huntington — played down investors' concerns about lending momentum in discussing their 2Q results on Thursday.
July 21 -
Many experts believe the increase in subprime auto loans in recent quarters foreshadows developments in other areas of consumer credit, and that it is only a matter of time before the financial industry reverts to the fervid lending of yore, making high-rate loans to less-than-creditworthy individuals with no capability of paying them back.
May 25 -
Ally Financial Inc., the country's top car lender, is struggling to translate higher sales into more profits. So, too, are the big commercial banks that stole market share from the former lending arm of General Motors Corp. during the recession.
May 3 -
Toronto-Dominion Bank's deal for Chrysler Financial is about finding a means to deploy the enormous amount of deposits it amassed in its whirlwind expansion into the U.S.
December 21 -
Rebounding car sales are offering banks a rare chance to expand lending in a business line that many of them fled just before the economy collapsed.
May 12
Huntington Bancshares Inc. is expanding its auto dealer financing business into Wisconsin and Minnesota.
The Columbus, Ohio, bank, which has $52.8 billion of assets, expects to provide financing to more than 400 dealers in those two states. It will begin processing applications through dealers there by Oct. 24. The bank has hired a team for each state and expects to add more staff to support sales and underwriting, the company said in a press release Wednesday.
Huntington currently serves dealershps in its primary banking markets of Ohio, Michigan, Pennsylvania, Indiana, West Virginia and Kentucky in addition to other markets such as Tennessee, New Jersey and five New England states. At June 30, Huntington Automobile Finance served 2,800 dealers with $6.2 billion of indirect automobile loans and $1 billion of floor-plan loans.
"This expansion into Wisconsin and Minnesota continues our strategy of providing auto dealer financing into markets where we see opportunity for profitable growth," Rich Porrello, director of Huntington Automobile Finance, said in a press release.
