HUNTINGTON BANCSHARES INCORPORATED INCREASES ITS PRIME RATE TO 7 PERCENT

Rhea-AI Summary

Huntington Bancshares Incorporated (Nasdaq: HBAN) has raised its prime rate from 6.25 percent to 7 percent, effective November 3, 2022. This change follows a prior increase on September 22, 2022, when the rate was adjusted from 5.5 percent to 6.25 percent. Huntington is a $179 billion asset regional bank based in Columbus, Ohio, providing a variety of banking and financial services across 11 states.

Positive

• Increase in prime rate may lead to higher interest income for the bank.
• Continued growth in rate adjustments indicates responsiveness to market conditions.

Negative

• Higher prime rates may reduce consumer borrowing and spending.
• Potential increase in loan defaults could arise from higher interest burdens on consumers and businesses.

COLUMBUS, Ohio, Nov. 3, 2022 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is increasing from 6.25 percent to 7 percent, effective November 3, 2022.

The rate was last changed on September 22, 2022, when Huntington increased its prime rate from 5.5 percent to 6.25 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 (HBAN)?

The new prime rate for Huntington Bancshares is 7 percent, effective November 3, 2022.

When was the last change to the prime rate before November 3, 2022?

The last change to the prime rate before November 3, 2022, was on September 22, 2022, when it increased to 6.25 percent.

How does the increase in prime rate affect Huntington Bancshares (HBAN)?

The increase in prime rate can lead to higher interest income for Huntington Bancshares but may also reduce consumer borrowing.

What are the implications of the prime rate increase for consumers?

An increase in the prime rate may lead to higher borrowing costs for consumers, potentially reducing their spending ability.