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Auto-lending profits helped make the quarter for Huntington Bancshares and TCF Financial, but their CEOs ended up on the hot seat, as they reported results a day after the U.S. comptroller of the currency issued another warning about declining credit quality in the market.
October 22 -
The Ohio company has been giving customers longer grace periods to address overdraft charges. While it has seen service charges decline, the company has been adding customers and checking accounts.
July 24 -
Huntington Bancshares in Columbus, Ohio, has agreed to sell its fund-servicing business, Huntington Asset Services, to Ultimus Fund Solutions, a provider of back-office and other services for small and midsize advisers.
November 16
Huntington Bancshares in Columbus, Ohio, has brought on industry veteran Tom Wirth to fill the newly created position of auto finance product and strategy director.
Wirth will oversee a team of 40 employees tasked with strengthening dealer outreach and product and service innovation.
Wirth joins the division at a
Overall, the auto finance division works with 3,800 dealerships across 20 states and manages a $12 billion portfolio.
Observers including Comptroller of the Currency Thomas Curry have raised concerns that credit quality could deteriorate in the auto loan market, particularly given its rapid growth. Huntington has maintained that its loan growth is taking place against the backdrop of a low base of auto loan delinquencies, mitigating any problems caused by rising chargeoffs.
Prior to joining Huntington, Wirth most recently served as a senior vice president, indirect line of business manager and national retail executive at U.S. Bank, helping push growth of the company's auto finance assets under management to $25 billion. He has also served as a regional manager at Bank One Credit Company and as vice chairman of the Consumer Bankers Association's auto finance committee.
