Finance History | Huntington — A Private Bank at Broad and High
· 1866-1
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Finance History | Huntington — A Private Bank at Broad and High
kevin
People treat Huntington as a regional holding company that always lived in a glass tower on South High Street.
The first book opened at the corner that still names downtown Columbus.
In January 1866 Pelatiah Webster Huntington, a Connecticut banker's son who had worked at the Exchange Bank of Columbus, opened P. W. Huntington and Company at 1 North High Street, on the northwest corner of Broad and High.
The Exchange Bank's state charter had lapsed the year before.
Huntington set up in the same building rather than renew it.
The new firm advertised itself as a private bank and sold revenue stamps across the counter.
Twelve years later he moved across Broad Street to 1 South High and put up a five-storey building that cost $6,289.90 in 1878 dollars.
Four of his five sons later became partners.
In 1905 the house incorporated as The Huntington National Bank of Columbus with $400,000 of capital.
P. W. stayed president until shortly before his death in 1918.
The lending rule was plain.
He once turned away a $500,000 railroad payroll deposit because it was more money than the bank should ever owe anybody.
Limited trust powers arrived in 1915; full Federal Reserve trust powers in 1922.
The corner changed owners around it.
U.S. Bank now occupies the old northwest site.
Huntington's own headquarters sits a block south at 41 South High.
It is the only large bank that has called Columbus home from the first day of its book.
The first address was a rented room on the statehouse square.
The first name on the door was one man and an ampersand.
Photo: public street view of the High and Broad crossing, Columbus, Ohio
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