Ohio State University and Huntington Bank announce $125 million partnership
The Ohio State University and Huntington Bank today announced an exclusive 15-year partnership, making it the university’s official consumer bank. The agreement is the most comprehensive and innovative partnership of its kind in the country. Ohio State will receive $25 million from Huntington, which the university will use for academic scholarships and educational programming. Huntington is also committing $100 million in dedicated community lending and investments to support the economic development of Columbus’ University District and Near East Side. The partnership includes revenue sharing, which will mean additional funds for the university to invest in the academic core as the relationship expands.
The agreement provides Huntington exclusive access to directly offer tailored products and services to more than 600,000 students, faculty, staff and alumni. At Huntington, 20 Ohio State paid student internships are guaranteed for each year of the partnership. At Ohio State, Huntington will add up to four branches on the main campus and eventually operate 26 ATMs in the University District to give the Ohio State community easy access and convenience. Currently, Huntington has 10 ATMs on campus.
More than $10 million of the funds will go into Ohio State’s endowment, and will be earmarked for updating classroom space and technology. Another portion of the funds will support financial literacy programs, career initiatives that will take students into the community for internships and service learning projects, and seed money for student-developed initiatives to enhance student wellness. The new funding also will be used to sustain and expand Alumni Association programming, including alumni career services, enhanced regional programming and events, and the development of volunteer opportunities for alumni and supporters of Ohio State.
“This is an exciting, trailblazing new partnership between Ohio State and Huntington Bank, a great Ohio company and a true champion of the university,” said Ohio State President E. Gordon Gee. “Through this collaboration, we are able to provide a better learning environment on campus and strengthen our neighborhoods in critical ways. I am grateful to Huntington for investing in the university’s core academic purposes – to educate young people and to enrich the lives of 11 million Ohioans."
“We are delighted to partner with The Ohio State University, which for decades has shared Huntington’s commitment to Columbus, Ohio and the Midwest,” said Huntington Chairman, President and CEO Steve Steinour. “Huntington believes strongly that partnerships like this can help universities grow and prosper, while providing their employees, students and alumni access to valuable financial services and benefits. We are especially pleased to contribute to the vitality and economic growth of the Near East Side and University District through our lending and investment commitment.”
This agreement deepens Huntington’s commitment to the university, including $3.5 million in charitable donations raised by Huntington employees in support of the Pelotonia Bike Tour for the James Cancer Center and Solove Research Institute.
“As our hometown bank, Huntington has been a vital partner and contributor to the community,” said Columbus Mayor Michael B. Coleman. “This commitment reflects the continuation of that partnership. With Huntington’s help, we look forward to a revitalized university neighborhood that will benefit not only the Ohio State community, but also the neighboring residents and businesses.”
Huntington has a long track record of public/private partnerships including a $2 billion lending commitment to the state of Michigan for lending to businesses and a $100 million commitment to affordable housing in Ohio through a partnership with the Ohio Capital Corporation for Housing.
“The University District is an important part of the fabric of Columbus,” said Columbus City Council President Andrew J. Ginther. “With Huntington’s help we look forward to a stronger and more vibrant neighborhood that invites additional investment and attracts more homeowners who want to live and work here.”
Plans call for Huntington to build a full-service, seven-day-a-week branch in the new Ohio State University Medical Center and up to three additional branches on the main campus. Huntington will have the option to open branches on all satellite campuses and to install up to 16 new ATMs.
Faculty and staff who choose to become Huntington customers will receive the same checking account offering that Huntington employees receive, specifically Huntington Plus TM including interest-bearing checking accounts with no monthly maintenance fees. Students who choose to sign up with Huntington will receive Asterisk Free Checking TM, Huntington’s industry-leading free checking account with no minimum balance requirement. Both checking accounts come with 24-Hour Grace ® overdraft protection and free debit cards among other features. Other products and services available to Ohio State faculty and staff include mortgages with discounts on closing costs, as well as wealth management services. Huntington is currently developing a program for alumni, which is expected to be rolled out later this year.
For more information, go to www.huntington.com/osu