HUNTINGTON BANCSHARES INCORPORATED INCREASES ITS PRIME RATE TO 3.50 PERCENT

Rhea-AI Summary

Huntington Bancshares Incorporated (Nasdaq: HBAN) has announced an increase in its prime rate from 3.25% to 3.50%, effective March 17, 2022. This marks the first adjustment since March 16, 2020, when the rate was reduced. The regional bank, headquartered in Columbus, Ohio, manages assets worth $174 billion and offers a wide array of financial services across more than 1,000 branches in 11 states. The increase in the prime rate could affect loan interest rates for consumers and businesses, potentially influencing borrowing costs and lending activity.

Positive

• Increase in the prime rate may enhance net interest margin.
• Strong asset base of $174 billion indicates financial stability.

Negative

• Potential rise in borrowing costs could deter consumer and business loans.

COLUMBUS, Ohio, March 17, 2022 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is increasing from 3.25 percent to 3.50 percent, effective March 17, 2022.

The rate was last changed on March 16, 2020, when Huntington decreased its prime rate from 4.25 percent to 3.25 percent.

About Huntington
Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $174 billion asset regional bank holding company headquartered in Columbus, Ohio. Founded in 1866, The Huntington National Bank and its affiliates provide consumers, small and middle-market businesses, corporations, municipalities, and other organizations with a comprehensive suite of banking, payments, wealth management, and risk management products and services. Huntington operates more than 1,000 branches in 11 states, with certain businesses operating in extended geographies. Visit Huntington.com for more information. 

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SOURCE Huntington Bancshares Incorporated

FAQ

What is the new prime rate for Huntington Bancshares (HBAN)?

The new prime rate is 3.50%, effective March 17, 2022.

When was the last change to the prime rate by Huntington Bancshares (HBAN)?

The last change was on March 16, 2020, when the rate was decreased to 3.25%.

How does the prime rate increase affect borrowers?

The increase may raise borrowing costs for consumers and businesses.

What is the significance of Huntington Bancshares (HBAN) increasing its prime rate?

It may improve net interest margins but could also reduce loan demand due to higher costs.