Huntington National Bank 2005 Annual Report Download - page 4

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THOMAS E. HOAGLIN Chairman, President and Chief Executive Officer
TO OUR SHAREHOLDERS AND FRIENDS:
February marks my fi fth anniversary as your chief executive offi cer, so I
wanted to begin this year’s letter by refl ecting on all that has happened at
Huntington during the past fi ve years. There have been signifi cant changes,
progress, and success in a number of areas. There also remain challenges
and opportunities. Above all, I want you to understand clearly what we are
trying to accomplish at Huntington.
2
5-YEAR REVIEW
In July 2001, we decided to sell our Florida banking operations. The sale allowed us to strengthen our low relative
capital levels and return value to shareholders by using the freed-up capital to repurchase Huntington shares.
Concurrently, we decided to focus our efforts on the Midwest markets we knew well, where we could realize higher
returns on capital.
We adopted a business model that emphasizes decision-making in local markets by empowered local bankers. Together
with an array of sophisticated products and services, this model enables Huntington to be viewed as “the local bank
with national resources.”
We strengthened our leadership team in our banking regions and corporate staff functions. Our well-seasoned team
is energized and capable of leading Huntington to our goal of becoming a high performing fi nancial services company.
We have made numerous investments to improve customer service. State-of-the-art banking offi ce platform technology
is now in place, giving Huntington associates more comprehensive information to use in serving customers better.
We opened 18 new banking offi ces in growing markets and consolidated others to gain effi ciencies of scale. We also
installed a disciplined sales process to help associates deepen customer relationships.
Changing to a culture of empowerment and customer focus has not been easy. But associates have responded well to
encouragement that they “go ahead” and make decisions on behalf of customers. We continue to improve every day
and customers are seeing and experiencing a difference. At the end of 2005, 36% of our consumer households utilize
four or more services, up from 31% at the end of 2003. Similarly, 15% of our small business customers use four or
more services, up from 10%.