Catherine Leffert
4 min read
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Huntington Bancshares is joining a wave of out-of-state banks that are seeking to take advantage of Florida's growing economy.
The Columbus, Ohio-based bank announced Thursday that it will continue to expand its footprint, starting with middle-market services anchored in Fort Lauderdale. Huntington's commercial banking push in Florida follows major investments to scale its business in North Carolina, South Carolina and Texas.
Heath Campbell, regional president of the Carolinas, told American Banker that the company's latest bet on a new state was opportunistic. Huntington was able to bring on a two-person middle-market banking team to kick-start its services in the Sunshine State, according to Campbell, who's overseeing the bank's Florida strategy.
"If I'd have thought back several months ago, I don't know that I said, 'Man, we're ready for Florida,'" Campbell said. "But all of a sudden, two amazing leaders emerged, and it became obvious very quickly, not just with me, but the executive leadership team, that this is the right time."
Huntington Chairman and CEO Steve Steinour has been vocal about the bank's focus on playing offense with its investments. He said in January that the bank's priority was organic growth by entering new markets and niches.
"We really like this equation," Steinour said at the time. "We believe we have significant core opportunities for growth, as well as with these new investments, and we're very focused on that. The business is performing exceptionally well."
To roll out the Florida business, Huntington hired two long-time bankers from Truist Financial, where Campbell also worked until 2023. Josh Sheradsky, who's been a middle-market banker in South Florida for more than 10 years, will lead Huntington's efforts in the state. Monica Olsen joined the team as a senior executive relationship manager.
Huntington said the group will also aim to connect middle-market clients in Florida with the bank's other offerings, like wealth management and investment banking. Huntington operates a private banking office in Naples, Florida.
Specific growth goals for the Florida team are still under wraps, but Campbell said Huntington has "plenty to harvest" from the investments it's made.
"We're entering with a middle-market banking strategy," Campbell said. "That's what we're focused on today. As this strategy unfolds, we'll see where that journey takes us."
