HUNTINGTON BANCSHARES INCORPORATED INCREASES ITS PRIME RATE TO 7.5 PERCENT

Rhea-AI Summary

Huntington Bancshares Incorporated (Nasdaq: HBAN) has increased its prime rate from 7 percent to 7.5 percent, effective December 15, 2022. This rate change follows the previous adjustment on November 3, 2022, when the rate was raised from 6.25 percent to 7 percent. Huntington, a regional bank holding company with assets of $179 billion, provides a range of banking and financial services across more than 1,000 branches in 11 states. The adjustment in the prime rate is a significant indicator of the bank's response to economic conditions.

Positive

• The prime rate increase may reflect strong economic conditions or a strategic response to rising interest rates, potentially improving the bank's net interest margin.

Negative

• None.

COLUMBUS, Ohio, Dec. 15, 2022 /PRNewswire/ -- Huntington Bancshares Incorporated (Nasdaq: HBAN) announced that its prime rate is increasing from 7 percent to 7.5 percent, effective December 15, 2022.

The rate was last changed on November 3, 2022, when Huntington increased its prime rate from 6.25 percent to 7 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 December 15, 2022?

The new prime rate for Huntington Bancshares is 7.5 percent, effective December 15, 2022.

When was the last change to Huntington Bancshares' prime rate before December 15, 2022?

The last change was on November 3, 2022, when the prime rate increased from 6.25 percent to 7 percent.

What is the significance of the prime rate increase for HBAN shareholders?

The prime rate increase may enhance Huntington's earnings through improved net interest margins, positively affecting shareholder value.

What are the total assets of Huntington Bancshares?

Huntington Bancshares has total assets amounting to $179 billion.