HUNTINGTON BANCSHARES INCORPORATED INCREASES ITS PRIME RATE TO 5.5 PERCENT

Rhea-AI Summary

Huntington Bancshares Incorporated (Nasdaq: HBAN) has announced an increase in its prime rate from 4.75% to 5.5%, effective July 28, 2022. This is the second increase this year, following a change on June 16, 2022, when the rate rose from 4% to 4.75%. The bank, with assets totaling $179 billion, provides a range of financial services across more than 1,000 branches in 11 states. This change may impact borrowing costs for consumers and businesses, reflecting broader economic trends.

Positive

• None.

Negative

• Increased borrowing costs for consumers and businesses may lead to reduced loan demand.
• Potential negative impact on consumer spending due to higher interest rates.

COLUMBUS, Ohio, July 28, 2022 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is increasing from 4.75 percent to 5.5 percent, effective July 28, 2022.

The rate was last changed on June 16, 2022, when Huntington increased its prime rate from 4 percent to 4.75 percent.

About Huntington

Huntington Bancshares Incorporated (Nasdaq: HBAN) is a $179 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 Inc.

FAQ

What is the new prime rate for Huntington Bancshares as of July 28, 2022?

The new prime rate is 5.5%.

When was Huntington Bancshares' prime rate last changed before July 28, 2022?

The prime rate was last changed on June 16, 2022, when it increased from 4% to 4.75%.

How does the prime rate increase affect HBAN shareholders?

The increase in the prime rate may lead to higher borrowing costs, which could affect loan demand and overall consumer spending.

What are the assets of Huntington Bancshares?

Huntington Bancshares has assets totaling $179 billion.

In how many states does Huntington operate its branches?

Huntington operates more than 1,000 branches in 11 states.