Huntington launches commercial banking in Florida

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.”

Why the Sunshine State is a hot market

As Huntington looks to expand, it makes sense to jump on regions that are seeing stronger population growth and bigger GDP gains, Campbell said. Still, the bank didn’t cast a net toward Florida until it found the right team to hire.

“As we look at all those markets that have compelling demographics, population, economy, growth and scale, those are always going to be nationally attractive for financial services to enter,” Campbell said. “I think it’s really neat to work for an organization that says, ‘Let’s start with the people.'”

But Huntington will be one of many fish in the seaside state.

Since the COVID-19 pandemic, Florida has become a hot spot for businesses looking to migrate. Banks of various sizes from around the country have followed suit. JPMorganChase, Citizens Financial Group, First Horizon Corp. and Vista Bancshares are just some of the lenders that recently made plays to capture more market share in the state.

“Florida has continually, especially South Florida, been the most competitive banking market,” Hope Dmuchowski, chief financial officer at First Horizon, said during an industry conference in March. She said Memphis, Tennessee-based First Horizon was still seeing strong performance in the market.

Citizens Chief Financial Officer John Woods said at the same conference that his bank’s efforts to capture more market share in Florida and California would help the bank to hit its profitability targets.

Huntington’s moves in Texas and the Carolinas

The Ohio bank’s build-out in Florida mirrors the blueprint it used to bolster operations in Texas last year. In February 2025, the bank said it expects the Lone Star State business, which operates offices in Dallas and Houston, to be profitable within the next 12 months.

The $210 billion-asset company bank also made moves to roll out operations in North Carolina and South Carolina at the end of 2023.

The play in the Carolinas marked the first time Huntington had taken on a geographic expansion outside of an acquisition, Campbell said. Less than a year after launching, the Carolinas business hit profitability. Huntington said last fall that it would open 55 branches across the two states.

Huntington has also worked to revamp its legacy Midwestern markets and build out industry verticals such as fund finance, Native American financial services and aerospace and defense.

During the first quarter, loan growth from the additional verticals and the new geographies totaled $1.3 billion, or about half of the bank’s total loan growth. Steinour said in April that he expected the bank’s lending momentum to carry over into the spring and summer.

“We are more optimistic than some, maybe many,” Steinour told American Banker at the time.