Huntington National Bank 2008 Annual Report Download - page 6

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Also, it is fairly certain that some banks in
our markets will likely find they do not have the
capital strength or staying power to weather this
current economic storm. With our capital strength,
broad product menu, systems scalability, and proven
customer integration capability, we are positioned
to take advantage of such opportunities that may
arise in the future.
PERSPECTIVES ON KEY ISSUES
Let me share my perspectives on some key issues.
First of all, credit management is perhaps the most
important discipline for a bank. As we go about our
business, it is important to make certain there are
clearly defined and communicated risk management
strategies and risk limits. This must be supported
by absolute clarity regarding accountabilities.
Second, there are opportunities for Huntington
to improve its profitability. On one hand, there are
revenue opportunities. We need to find more revenue
synergies within our existing customer base and
improve our product cross-sell performance. We
will selectively look to invest in areas of high growth
potential and for opportunities to build or leverage
specialty banking businesses. While doing this, we
must always keep focused on and addressing expenses.
POSITIONED FOR THE FUTURE
I hope from this letter you share the excitement that
I have regarding Huntington’s long-term prospects.
There will certainly be challenges facing us again in
2009. Most of this will be in the form of higher net
charge-offs, levels of problem assets, and provision
expense as we continue to build our reserves. With our
high regulatory levels, strong liquidity, and expense
initiatives, you can see we are well prepared to win.
In my short time with Huntington, I have been
impressed by the team spirit exhibited by all of
the associates with whom I have met. They believe
in who we are, what we value, and that by meeting
and serving the needs of our customers better than
the competition, we can take market share. I want
to thank all of them for their hard work and sense
of urgency in moving Huntington forward.
I also want to thank our Board of Directors for their
support and commitment to our shareholders.
Lastly, I want to especially thank former Chairman,
President, and Chief Executive Officer Thomas
Hoaglin for all his contributions to Huntington over
the last eight years. Under his leadership, Huntington’s
market positioning as the “Local Bank with National
Resources” was defined and our value proposition of
service excellence took root. These are living legacies
that will serve Huntington for years to come. We wish
him well in his retirement.
In closing, it is important to note that during these
challenging times our priority is to meet the needs
of existing customers. We remember it’s all about
relationships.
Is Huntington up to the challenges of 2009? Yes.
We have the capital and wherewithal to work through
this difficult economic period. How long that period
will be is not known. But I am confident that when
we come out the other end of this economic cycle,
a stronger, more focused company will emerge.
A company with strong credit discipline. A company
that delivers service excellence with every customer
transaction. A company positioned for sustainable
growth. A company where our customers,
communities, shareholders, and associates all win.
Thank you for your support.
STEPHEN D. STEINOUR
CHAIRMAN, PRESIDENT, AND CHIEF EXECUTIVE OFFICER
MARCH 9, 2009
LETTER TO SHAREHOLDERS
4