Huntington Rebrands Macquarie Equipment Finance

Huntington Bancshares reported Q1/15 net income of $166 million, up 11.3% or $17 million from $149 million in Q1/14.

Huntington said it completed the acquisition of Macquarie Equipment Finance (MEF), which added $0.8 billion of equipment finance leases and $0.5 billion of assumed debt. The bank also noted MEF was rebranded as Huntington Technology Finance “to align our enhanced capabilities with our combined customer base and prospects.”

Steve Steinour, chairman, president and CEO said, “We completed the first quarter with the successful close of our acquisition of Macquarie Equipment Finance and look forward to transitioning to the Huntington Technology Finance brand to align our enhanced capabilities with our combined customer base and prospects. The acquisition gives us the ability to drive added growth to our national equipment finance business as well as additional health care and small business finance capabilities.”

The following highlights were excerpted from the news release:

  • $1.5 billion or 8% increase in average C&I loans and leases, primarily reflecting growth in trade finance, asset finance, auto dealer floorplan and corporate banking
  • Net increase income of $467.7 million was up 6.9% from $437.5 million in Q1/14
  • Net interest margin of 3.15% was down 3.27% in Q1/14
  • Average earning assets increased $6.2 billion, or 11% from Q1/14

Click here to read the full Huntington news release

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