HUNTINGTON NATIONAL BANK OF NORTHEAST OHIO - The Encyclopedia of Cleveland History
The HUNTINGTON NATIONAL BANK OF NORTHEAST OHIO is one of Cleveland's major banks and a principal subsidiary of the Columbus-based Huntington Bancshares, Inc. The original Cleveland bank was organized in Dec. 1920 when 20 area financial institutions merged to form the Union Trust Co. with $322.5 million in resources and offices in the Citizens Bldg. at Euclid Ave. and E. 9th St. The new firm, primarily serving the business community, was the nation's 5th largest trust company. In May 1924 Union Trust completed its new home, a $17 million, 21-story building at E. 9th and Euclid Ave. Although the bank continued to grow, acquiring 21 branches by the early 1930s, financial problems forced its closure and liquidation in Mar. 1933. Director Kenyon V. Painter was convicted of misapplying $2 million of Union Trust funds in May 1935 and sent to prison.
On 16 May 1938, an entirely new firm, the Union Bank of Commerce opened at the same location with $8 million in capital and quickly became a major financial institution. In the postwar period, the bank broadened its services, shortened its name to Union Commerce Bank, and began branch banking in response to suburban development. Union Commerce continued to support local businesses, although in the late 1960s and 1970s, the bank was periodically in financial trouble because of poor management and bad real estate loans. The turmoil finally led to the purchase of Union Commerce by Columbus-based Huntington Bancshares in 1983, making Union Commerce part of the Huntington Bancshares subsidiary, Huntington National Bank. The reorganized bank had 43 branches, $1.2 billion in total assets and $884,186 in deposits at that time. Huntington Natl. was able to contribute to the growth of its parent company during the 1980s. In 1991 Huntington Bancshares ranked 4th in the state with assets of $11.7 billion and had revenues of $1.2 billion.Last Modified: 20 Jun 1997 10:27:50 AM
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