Huntington National Bank 2003 Annual Report Download - page 19

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Huntington acquired a small community bank in Morgantown, West Virginia in
1989 and immediately saw the growth potential of one of that bank’s commercial
customers, FCX Systems, Inc., founded nine years earlier.
FCX designs and manufactures solid-state frequency converters and air
conditioning units for the commercial aviation, military, shipbuilding and utility
industries, among others. The company had about $1 million in sales when
Huntington became its essential partner. Today FCX has 87 employees, annual
sales over $10 million and serves global markets in 53 foreign countries on all
seven continents.
“Without Huntington’s support, we’d still be a five-man operation trying to
figure out where the next dollar’s coming from,” says Don Gallion, one of FCX
Systems’ founders and now its Chairman, President and CEO. “The Huntington
team spent a lot of time with us and time on our floor getting to know the product.
They’ve been particularly helpful on the international side,” he adds, “with letters
of credit and foreign currency exchange. It’s just been a terrific relationship.”
The manager of that relationship is Huntington Senior Commercial Sales
Executive Doug Smith. “We began the relationship with a revolving line of credit,”
says Doug. “That was important to them then and it’s even more important now,
because a company with $10 million in sales, expecting to go to $20 million in sales,
needs a lot of working capital support. In addition, they have many government
contracts, so they need plenty of financial flexibility.”
Huntington also provides the company with Treasury Management and
personal banking services, as well as home mortgage and insurance services for
employees, a 401(k) plan and the Huntington At Work program, which offers a
full product line of banking services to employees. Recently the bank partnered
with the West Virginia Economic Development Authority to finance a new
150,000 sq. ft. manufacturing facility for FCX.
Don and FCX have been accorded all kinds of state, national and international
recognition. “Don once told me,” Doug says with a smile, “that until they started
winning awards, there were no other banks calling on them. We interfaced with
them at just the right time – in time to help them grow into what we would come
to define as an ideal commercial customer.”
FCX Systems, Inc: an ideal customer,
acquired at an ideal time.