Huntington National Bank 2007 Annual Report Download - page 3

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THOMAS E. HOAGLIN CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
TO OUR SHAREHOLDERS AND FRIENDS:
For Huntington and the entire banking industry, 2007 was a year like no other
in modern history.
We began the year with cautious optimism, expecting modest growth in core
earnings per share and a relatively stable credit environment, and with great
excitement about the pending acquisition of Sky Financial Group, Inc. What
we encountered was a crisis in the housing sector, with a collapse of single
family residential development in most of our local markets. Nationally and
internationally, mortgage markets panicked; by year-end, banks had written
down over $100 billion in mortgage-related loans and investments. Much of
the Midwest was already suffering from a weak economy. The housing crisis
exacerbated this trend, with an accompanying slowdown in loan demand.