Huntington National Bank, a subsidiary of Huntington Bancshares Inc., which has its commercial bank headquarters in downtown Detroit, has acquired the PhysicianLoans business, a mortgage lender based in Columbus.
The acquisition will complement Huntington’s current suite of physician-oriented services and advance its mortgage and home lending strategy. Terms of the transaction were not disclosed.
“The acquisition of PhysicianLoans aligns with the bank’s strategic objective to grow our mortgage business and enables us to better serve our customers’ unique needs,” says Brant Standridge, president of the consumer and business bank.
“This additional capability advances Huntington’s commitment to be an industry-leading solution provider for medical professionals as they seek best-in-class home purchase financing and other services.”
PhysicianLoans has been a key broker client to Huntington since 2004, and a pioneer in the specialty loan space. Its physician loan servicing website, which will re-launch as PhysicianLoans, now part of Huntington, and will offer dedicated home loan financing to physicians and is uniquely designed to meet the needs of medical associations and physicians.
The acquisition also will further Huntington’s goal of growing its practice finance business, a specialty lending offering that provides subject matter expertise to dentists, veterinarians, and medical doctors who are also private practice owners.
The bank provides conventional and Small Business Administration financing that supports practice owners throughout each stage of the business lifecycle.