Huntington Bank (NASDAQ:HBAN) was named the top performing bank in the nation by Bank Director Magazine in its recent annual Bank Performance Scorecard issue, the magazine announced today.
The scorecard lists the top performing publicly traded banks across the nation in three categories based on asset size. There were 289 banks participating this year.
Huntington, with assets of $56 billion, came in first in the $50 billion and up category, moving up to the top spot from last year when it was second in the rankings.
The Bank Performance Scorecard is an annual survey of banks that measures profitability, asset quality and capitalization. In describing Huntington’s No. 1 ranking, the magazine lauded Huntington for carving out a niche within the super prime indirect auto space as well as its Fair Play banking, which includes the bank’s “highly popular free checking product.” The magazine added that Huntington “saw a significant improvement in asset quality last year and the resulting credit leverage also boosted its 2012 earnings.”“Huntington’s Board of Directors is extremely pleased to be recognized for the second consecutive year by Bank Director Magazine,” said Steve Steinour, chairman, president and CEO of Huntington Bank. “With the board’s input, Huntington developed a strategic plan in 2009 that has resulted in the expansion of our customer base by 30 percent. The board also had the vision to make banking more convenient through the addition of in-store and extended hour banking as well as investments in key commercial products that reflect the needs of our Midwest markets including capital markets, treasury management, health care, energy and agriculture. “With the guidance of our board and dedication of our colleagues, we have been able to top this year’s scorecard,” added Steinour. “Huntington continues to be grateful to our customers for their loyalty, business and ongoing commitment to Huntington.”