Stephen Steinour, Huntington Bancshares Inc.'s new leader, said Wednesday that his first priority is cleaning up the lingering effects of a subprime lending unit that was part of a 2007 acquisition.

Huntington inherited Franklin Credit Management Corp., a Jersey City subprime mortgage lender, when it acquired Sky Financial Group of Bowling Green, Ohio. The relationship has been a drag on earnings, and Huntington continues to have $1.1 billion of exposure to the lender, Mr. Steinour said in an interview.

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